The Dallas Cowboys announced the team has created $30 million in additional cap space by restructuring the contracts of Dak Prescott and Zack Martin. According to KPRC Houston’s Aaron Wilson’s, $22 million came from the move with Prescott meaning Martin’s reshuffling accounted for the other $8 million. Prior to the restructured deals, the Cowboys were an estimated $24 million above the salary cap, per Spotrac.
The Cowboys announced Prescott’s deal as a restructure which indicates no additional years were added on the quarterback’s contract as this would be labeled an extension. Prescott recently admitted he was open to signing a contract extension with Dallas. The star quarterback still has two seasons remaining on a four-year, $160 million deal.
“100% I’m excited, yeah, to be a Dallas Cowboy, as I said. Always dreamed of [being] here, now that I’m here I don’t expect to play for any other team and now it’s just about winning,” Prescott told Dallas Morning News’ Calvin Watkins during a March 7, 2023 interview. “So, just trying to get that done and just to hear, obviously as you say, the front office [talk about an extension]. Looking forward to an extension, so when that time comes it will happen. I’m with Stephen [Jones] on it may just happen over night. But when it happens, it happens. It will be great.”
The $30 Million Moves Are Sure to Spark Speculation About an Upcoming Big Splash
The news happens days before the Cowboys can begin meeting with free agents on March 13 and is sure to spark speculation that major moves are on the way. It also just so happens Odell Beckham Jr. is hosting a workout for NFL teams hours after Dallas made the announcement.
Yet, the Cowboys were well over the cap so the restructures do not necessarily indicate another move is imminent. NBC Sports’ Matthew Berry reported that there was a buzz at the NFL Combine that Dallas is looking to make a “splash” on offense this offseason.
“What that splash means remains to be seen, whether it’s trading up (or for) a big-name player, a splashy signing in free agency or what, but they definitely want a big headliner,” Berry wrote on March 6. “I threw out to my source ‘What about DeAndre Hopkins?’ And my source said ‘Yeah, something like that.’ Again, it was my first thought, not my source’s and he didn’t bite beyond basically agreeing that would be a big splash, so I’m not even saying that’s a rumor. But I thought it was interesting.”
According to Spotrac, Prescott is slated to have a $1.1 salary for 2023 and a $26.7 million cap hit. These numbers jump up to a $29 million salary along with a $59.5 million cap hit in 2024.
The Cowboys Could Still Sign Dak Prescott to an Extension Later This Offseason
The restructuring of Prescott’s deal provides the Cowboys with temporary relief, but Dallas could still look to sign the quarterback to a long-term extension later this offseason. Signing Prescott to a new contract would commit the Cowboys to the quarterback beyond the 2024 season.
“Following the restructure of his contract, Dak Prescott’s cap number for 2024 is now scheduled to be north of $59M,” ESPN’s Field Yates tweeted on March 10. “That is also the final year of his deal. Reducing that number can be achieved by another restructure or an extension anytime before next offseason.”