The Dallas Cowboys entered the NFL offseason knowing they needed to sign quarterback Dak Prescott to a contract extension. While owner Jerry Jones has downplayed the importance of it, that might be tied to what it will cost Dallas to extend the MVP candidate.
Prescott, who turns 31 in July, is coming off a career-best season. He set personal bests- in completion rate, quarterback rating, QBR and led the NFL in touchdown passes (36). Poised to have one of the largest NFL cap hits by any player in 2024, Dallas has few options other than signing him to an extension.
- Dak Prescott contract: $59.455 million cap hit in 2024, 2025 NFL free agent
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Despite his postseason struggles – 2-5 record, 7 interceptions in the NFL playoffs – Prescott is the Cowboys’ best option. The team doesn’t have the assets to acquire another MVP-caliber quarterback and the risk of falling into quarterback purgatory by making a change puts the leverage in Prescott’s favor.
As for what it will cost Dallas to sign their star quarterback to a long-term deal, becoming one of the highest-paid NFL players in NFL history might not be enough.
According to Bleacher Report’s Jordan Schultz, the cost of a contract extension for Prescott will likely be in the range of $60 million per season. It would not only reset his market but also change the entire landscape for quarterback salaries.
For context, only four quarterbacks (Joe Burrow, Justin Herbert, Lamar Jackson and Jalen Hurts) are signed to deals worth $50-plus million per season. Of those, Burrow ($55 million) is the only NFL player with an average annual salary higher than $53 million.
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- Dak Prescott stats: 105.9 QB rating, 69.5% completion rate, 36-9 TD-INT, 4,516 passing yards
Much like he did in the last round of contract negotiations with the Cowboys, Prescott positioned himself to have significant control over the process. Dallas needs to extend players like CeeDee Lamb and Micah Parsons, but it first must figure out its long-term cap situation and how much it will be paying Prescott in the years to come.
It’s also imperative for Dallas to work something out with Prescott this offseason because of his nearly $60 million cap hit, which is the primary reason the team is $21.57 million over the 2024 NFL salary cap. Even if Prescott isn’t viewed as a quarterback capable of leading his team to the Super Bowl, market factors and negotiating leverage could make him the highest-paid player in NFL history.
