The Dallas Cowboys made Dak Prescott one of the highest-paid NFL quarterbacks in 2021, signing him to a four-year deal worth $160 million. With salaries for the highest-paid NFL players skyrocketing each year, Prescott could be headed for a new deal.
When Prescott signed his four-year extension with Dallas with an average annual value of $40 million per season, it set a new standard for quarterback salaries. Thanks to the rising NFL salary cap, multiple quarterbacks are now making $50 million AAV, creating a need for Dallas to eventually sign Prescott to a new deal.
- Dak Prescott stats (2022): 91.1 QB rating, 23-15 TD-INT, 66.2% completion, 7.3 ypa
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The Cowboys don’t have to do anything right away. The 29-year-old quarterback only carries a $26.8 million cap hit this year and he is under contract through the 2024 campaign. However, there is plenty of incentive for Dallas to figure out a deal by next year.
If Prescott’s deal is untouched next season, he would carry a cap hit approaching $60 million. With Trevon Diggs and Micah Parsons both headed for contract extensions, that’s a percentage of the salary cap Dallas can’t afford to spend on one player.
As a result, the idea of extending Prescott’s contract now and spreading out the cap hits over five-plus years is on the table. Amid the ongoing rumors, the Cowboys’ quarterback was asked about it this week.
- Dak Prescott contract: $26.832 million cap hit (2023), $59.44 million cap hit (2024), free agent in 2025
Speaking to reporters on Wednesday, Prescott told Jon Machota of The Athletic that he wants to remain in Dallas but he’s leaving all contract matters to the team and his agent.
“That’s something I leave to the Cowboys, and I leave to my agent. They got it done years ago, and when it’s time to get it done again, I trust in both of them. As Stephen has said, it might happen overnight. Who knows, right? But that’s not any of my concern or in my thought process.”
Dallas Cowboys QB Dak Prescott on the possibility of a contract extension
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With Lamar Jackson and Jalen hurts already signed to extensions, Prescott would have two deals he could base his next contract on. Dallas likely knows that it would cost them at least $48 million per season to extend Prescott and that figure could climb depending on the extensions eventually signed by Joe Burrow and Justin Herbert.
From the Cowboys’ perspective, their primary focus right now likely centers on Diggs. The 25-year-old cornerback is entering the final year of his rookie contract and will likely want to become one of the highest-paid cornerbacks in the NFL. With Prescott committed to the team and not pushing for an immediate raise, his contract can be renegotiated later.
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