Cowboys Super Bowl Dak Prescott
Kevin Jairaj-USA TODAY Sports

The Dallas Cowboys are running out of time to sign Pro Bowl quarterback Dak Prescott to a contract extension ahead of Monday’s franchise tag deadline.

Conversations just recently picked up between the two sides after being dormant for the entire 2019 NFL season.

Now according to this report from David Moore of Dallas News, the Cowboys are set to use the exclusive franchise tag on Prescott. If signed, it will pay the signal caller $31.6 million for the 2020 season.

“Based on communication with several of those involved in recent days,” the report read. “Dak Prescott will likely be hit with the exclusive franchise tag on Monday as the two sides continue to negotiate.”

Dallas has previously offered Prescott north of $100 million in guaranteed cash. In turn, Prescott is said to be wanting to sign a four-year deal rather than one of the five-year variety. The Cowboys want a longer-term commitment.

At this point, there seems to be a split in terms of both the length of the contract and Prescott’s average annual salary.

Dallas is currently $74 million under the cap. Tagging Prescott would take up a significant chunk of that, placing into question the future of Pro Bowlers Amari Cooper and Byron Jones in Big D.

This is an absolutely huge story heading into the start of NFL free agency on March 18.