Perhaps the worst letdown in a string of Cowboys playoff misfortunes caused Jerry Jones to make Mike McCarthy a rare lame-duck HC and stall on a Dak Prescott extension. The longtime owner received steady criticism for letting the Prescott and CeeDee Lamb situations fester throughout the offseason, one that otherwise featured few veteran augmentations. Rookies became needed to fill holes along Dallas’ offensive line, and constant questions about how the team plans to assemble a backfield came out. As usual, however, the Cowboys kept it interesting as they remain on the job of trying to end a near-30-year NFC championship game drought.
Extensions and restructures: With Micah Parsons under contract through 2025 via the fifth-year option, the Cowboys’ three-headed contract quagmire became a Lamb-Prescott matter as this offseason progressed. In Cowboys fashion, negotiations with each generated numerous headlines. One holdout ensued. But the team did reach a resolution with one of the two standouts, moving first to pay Lamb after his first-team All-Pro season. Shifting to the Cowboys’ go-to performer after the 2022 Amari Cooper trade, Lamb led the NFL in receptions last season and broke Michael Irvin‘s single-season records for catches and yards by tallying 135 grabs and 1,749 yards.
Serious extension talks did not pick up until training camp. Lamb surfaced as an extension candidate in 2023, and it would have been cheaper to extend him then. Per COO Stephen Jones, Lamb was not interested in an extension in 2023. Whatever the case may be, the 25-year-old wideout enhanced his value by both dominating in 2023 and waiting for other receivers to move the market well past $30MM per year. Exiting the 2023 offseason, only Tyreek Hill had secured a $30MM-per-year deal at wide receiver. Hill’s pact also deceived, as a phony final-year salary propped up the AAV. Lamb and Justin Jefferson sought legit structures, and by the time Dallas’ WR1 came to the table, three other wideouts — Jefferson, AJ Brown, Amon-Ra St. Brown — had moved past $30MM per annum.
Jefferson’s $35MM-per-year deal that included $110MM guaranteed and $88.7MM guaranteed at signing played the biggest role in Lamb negotiations, just as it has in Ja’Marr Chase‘s Bengals talks. Stephen Jones initially said Lamb was seeking to become the NFL’s highest-paid non-QB, topping Jefferson, but quickly retracted it. Jerry Jones then said the team was not operating urgently with Lamb before backtracking, after Lamb took issue with the owner’s situational assessment. The Cowboys submitted a few offers to Lamb, initially coming in below $33MM per year and then moving between $33-$34MM on average before finally reaching $34MM per.
The Vikings’ landmark deal reset the WR guarantee market, and this booming market did not feature the kind of deals the Cowboys typically work out. Dallas has long preferred lengthier contracts — spanning at least five years — but receivers in recent offseasons had opted for three- and four-year extensions. Dallas both bent on term length, guarantees and eventually AAV. After previously never giving a wideout more than $60MM guaranteed, the Cowboys rewarded Lamb — after a weeks-long holdout — with $100MM locked in and $67MM at signing. Those numbers placed the 2020 first-rounder comfortably in second at the position. As many big-ticket extensions now feature, a rolling guarantee structure offers Lamb year-out protection. His 2026 base salary ($25MM) shifts from an injury guarantee to a full guarantee in March 2025. Another $7MM for 2027 will shift from an injury guarantee to locked-in cash in 2026. The Cowboys used four void years packed with option bonuses to spread out Lamb’s cap hits; the extension saved the team more than $10MM in 2024 cap space.
The Lamb holdout merely stood as a high-end undercard to Prescott’s main event. Dallas took this process to the wire — ahead of a soft Week 1 deadline — and is heading into rocky terrain with their ninth-year starter. After a rumor circulated indicating the Cowboys would be OK letting Prescott hit free agency next year, the team pushed back on it by insisting it wants to extend the former fourth-round find. Both team and player initially said a contract did not have to be done by Week 1, but Prescott later added that “it says a lot if it is or it isn’t.” This situation ran late into Saturday night, but Dak remains on the four-year, $160MM contract he signed in March 2021.
As it stands, he is months from being one of the most coveted targets in free agency history. The Cowboys are battling uphill against their quarterback, having given him extraordinary leverage thanks to a three-offseason negotiation that afforded the QB no-trade and no-franchise tag clauses. Dallas later completed multiple restructures, ballooning Prescott’s 2024 cap hit to $55.13MM and creating a $40.13MM dead money hit — thanks to void years — if he is not extended by the start of the 2025 league year. Unless the 30-year-old passer receives a monster offer — the $60MM-per-year number has come up often — there is no reason for him to pass on approaching free agency. He did not shut down that path this summer.
Maligned due to his place as the centerpiece player on a team known for late-season shortcomings, Prescott is nevertheless coming off a second-team All-Pro season. The MVP runner-up bounced back from a down 2022 season, and if Kirk Cousins fetched $100MM in practical guarantees ahead of an age-36 season following Achilles surgery, Prescott would be in position to reset a quarterback market that has incrementally climbed to the $55MM-per-year place.
As should be expected, Dak is targeting a deal north of that $55MM-AAV number. Unless the Cowboys are keen on starting over at QB with a veteran team — this worked out well for the post-Super Bowl 50 Broncos — after Jerry Jones’ 82nd birthday, they will need to again give in. A contract flooded with guarantees and early vesting dates will almost definitely be required to keep Dak from testing the market, as a $60MM-plus-AAV accord would certainly await in 2025 if he plays out his contract year.
Jones has received steady criticism for letting his top players’ values increase by waiting on extensions, but this is a unique contract to complete. The sides are believed to be in agreement on term length, at least, and the Cowboys do have exclusive negotiating rights until mid-March. Though, the closer we get to free agency, the more challenging the mission becomes for the team.
The Cowboys’ longest-tenured player now that Tyron Smith is gone, Martin still earned All-Pro acclaim despite admitting he was not at his best following a holdout last year. Martin is a future first-ballot Hall of Famer who secured guarantees over his six-year contract’s final two seasons, but this restructure will inflate the dead money total the Cowboys would absorb if the soon-to-be 34-year-old blocker is not re-signed in 2025. The 11th-year veteran is considering retirement after this season. If Martin retires, the Cowboys would be tasked with replacing an all-time guard great and face a $26.5MM dead cap hit next year.
Free agency additions: Elliott now counts more than $8MM on Dallas’ payroll; the other $6MM comes from dead money associated with the Cowboys ditching his previous contract. Once given a six-year, $90MM deal to anchor Dallas’ offense, Elliott is now 29 and enters the season with by far the most touches (2,421) among active backs. The Cowboys did miss two-time rushing champion’s nose for the end zone last season, but his presence atop the depth chart creates concern. Even as Elliott closed the Bill Belichick era as the Patriots’ starting running back, his New England one-off produced a bottom-10 rushing yards over expected mark (minus-71). The Cowboys pursued Zack Moss in free agency but saw him join the Bengals on a two-year, $8MM deal. Dallas did not chase Derrick Henry this offseason, and rumblings about an Elliott reunion — a topic that came up last year even after Dallas made him a post-June 1 cut — emerged before March’s end.
It remains odd the Cowboys did not at least add a late-round RB flier of sorts, instead re-signing Rico Dowdle and bringing in Cook, who enters the season with the fifth-most touches (1,585) among active RBs. Following four straight 1,100-yard rushing seasons in Minnesota, Cook saw his play nosedive in New York. The would-be Jets bridge back to Breece…
