Cowboys in Talks to Strike Potential New $50 Million Deal: Report

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The Dallas Cowboys made several roster moves ahead of the NFL playoffs.

The Dallas Cowboys are in new contract talks with starting tackle Terence Steele, per Sports Illustrated’s Mike Fisher. The specific terms of the potential deal have not been revealed, but Fisher noted it could be a “Cowboy for Life” type of contract extension for Steele.

“It might not be the highest-profile move, or even the highest-priority move, but the Dallas Cowboys, a source tells CowboysSI.com, are in the midst of contract negotiations with offensive lineman Terence Steele, with both sides hoping for a sort of ‘Cowboy for Life’ deal,” Fisher wrote on July 15, 2023.

“… We are told any concerns about Steele’s knee do not represent a great factor here. Coach Mike McCarthy has talked of the possibility of Steele missing the start of camp in Oxnard, but there are no great worries about his readiness for the NFL regular season.

“And it is at that time that Dallas could – assuming it chooses to do so – simply plug Steele back in at right tackle, with Tyron Smith at left tackle and with Tyler Smith at left guard – to creative a formidable line in front of Dak Prescott.”

Dallas Cowboys Veteran Terence Steele’s Projected Market Value is a 4-Year, $53 Million Contract

While Fisher noted there are no financial details as of yet, the Cowboys insider referenced Spotrac’s projections for Steele as as baseline: a four-year, $53 million contract. Keep in mind these are projections of Steele’s market value, but it would potentially give the veteran an average annual salary of $13 million.

Regardless of the final numbers, Steele is likely headed for a sizable raise from his current one-year, $4.3 million contract. Steele was previously on a three-year, $2.2 million contract with the Cowboys.

The offensive lineman sustained a season-ending ACL injury during the Cowboys’ victory over the Texans on December 11, 2022. Steele earned a 73.9 grade from Pro Football Focus for his play in 2022 prior to his injury.

Stephen Jones on Dallas Cowboys Extensions: ‘Our Goal Would be Hopefully to Start to Chip Away’

The Cowboys have been open about their desire to sign several of the team’s key players to contract extensions. Yet, Dallas did not sound optimistic about players sharing this same desire to sign new deals sooner than later. In addition to Steele, CeeDee Lamb, Dak Prescott and Trevon Diggs are among the Dallas players who are potential candidates to sign new contracts.

“Our goal would be hopefully to start to chip away at this because we do have guys up,” Cowboys executive vice president Stephen Jones told reporters on June 5. “Whether it’s a Steele. Whether it’s a Diggs. Whether it’s CeeDee, right on down the line. We got guys that [are] going to need to be addressed as we move forward, but our focus is also on winning in 2023.

“… It seems like more and more guys want to wait, and I understand why. Usually the price goes up from one year to the next, but people don’t seem to be in that type of hurry. But if the opportunities there, we’d sure like to get one, two, three of these guys signed.”