ESPN’s Field Yates reported Tuesday that Dallas has converted $6.25 million of Prescott’s 2021 base salary into a signing bonus, freeing $5 million in salary cap space.
Prescott inked a four-year, $160 million extension in March. The richest contract in franchise history included $126 million guaranteed — $95 million fully guaranteed at signing, per OverTheCap.com. His 2021 salary is also guaranteed.
The two-time Pro Bowl passer will count $17.2 million against the cap for the upcoming campaign, a number that balloons to $34.45 million in 2022 and $45.45 million in 2023.
“The truth is most anything that I’ve ever been involved in that ended up being special, I overpaid for, every time, to the end,” Cowboys owner/general manager Jerry Jones said after Prescott put pen to paper, via NFL.com. “Anytime I’ve tried to get a bargain, I got just that, it was a bargain in a lot of ways and not up to standard. And so, the other thing, that our process of getting here from Dak’s rookie deal, I knew that Dak wanted to be here and really no place else.”
Prescott is the second Cowboys star in as many weeks to redo his deal. Yates reported on Aug. 27 the team converted $8.6 million of running back Ezekiel Elliott’s $9.6 million 2021 salary into a signing bonus, saving $6.8 million.
The Cowboys entered Tuesday with roughly $9.3 million of available cap room, per Spotrac.com.
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Agent Speaks Out on Dak ‘Hostage’ Situation
The Athletic’s Ben Standig recently surveyed 33 NFL agents regarding Prescott’s contract. Although the consensus proved mostly positive, one unnamed rep tore into Dallas’ front office for allowing the 28-year-old to “hold them hostage.”
“Dak stands out because of the legwork that it took to get there and the fact that the Cowboys were willing to give him that without a franchise or transition tag and basically let him hold them hostage four years from now,” the agent told Standig. “From a team standpoint, it doesn’t make a lot of sense.”
That Dallas backed up the Brink’s truck surprised the anonymous respondents considering Prescott, at the time, was still recovering from a right ankle compound fracture and dislocation that cut short his 2020 season and temporarily impacted negotiations.
“Signing Dak to that money coming off that serious of an injury, and for that short of a duration, that was a surprise, but good for (agents representing other starting quarterbacks),” another agent old Standig.
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Jerry Gushes Over Dak
Two days before Dallas takes on the defending Super Bowl-champion Buccaneers, Jones heaped significant praise on his organizational cornerstone, who appears no worse for wear following a throwing shoulder strain sustained during training camp.
“He’s very decisive in practice. He does not look rested,” Jones said Tuesday on 105.3 The Fan. “We’ve always known if anybody could be what we were talking about, get better as they move along he should be a poster child. He’s the best I’ve been around.”
Follow Zack Kelberman on Twitter: @KelbermanNFL