Gett The Dallas Cowboys are in talks with Dak Prescott about a new contract.
Dallas Cowboys quarterback Dak Prescott is slated to have a $59.4 million cap hit in 2024, a number that can be altered if the quarterback signs a new contract extension. The Athletic’s Jeff Howe reported that the Cowboys and Prescott have “had early discussions about a new deal” while adding that nothing is “imminent” at this point in the talks.
“The Cowboys and Prescott have already had early discussions about a new deal, according to a league source,” Howe wrote on August 6, 2023. “It doesn’t sound like anything is imminent, but there’s obvious motivation for the team to knock down that 2024 cap hit while they address potentially massive extensions for Parsons and Lamb.
“There’s a very real possibility the Cowboys will eventually be rostering a quarterback who is earning at least $40 million annually, the highest-paid defensive player in league history and a receiver whose deal could be in the range of $25 million to $30 million per year.”
Dak Prescott Still Has 2 Seasons Remaining on a $160 Million Contract
Prescott still has two seasons remaining on a two-year, $160 million contract. Despite throwing a career-high 15 interceptions in 2022, the Cowboys continue to emphasize their faith in Prescott as their quarterback of the future.
“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 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.”
Dallas Cowboys Rumors: Dak Prescott Could Earn $50 Million Annually on His Next Deal
There are a wide range of projections when it comes to Prescott’s next contract. Spotrac has Prescott’s market value as a four-year, $175.9 million deal. USA Today’s K.D. Drummond estimated a five-year, $255 million contract extension for Prescott.
“Prescott will make at least $50 million because the market dictates that any QB in the top 12 of the league will land at or near the top of the totem,” Drummond wrote on March 24.
“Look no further than mediocre-at-best to this point of his career Daniel Jones. Sure Jones has upside, but he signed for the same $40 million Prescott averages just two seasons after the Cowboys QB inked his deal.”
Could the Dallas Cowboys Move on From Dak Prescott? Not Likely
Until a new deal is reached, the door remains cracked for the Cowboys to have the opportunity to move on from Prescott if the quarterback struggles this season. Given Prescott’s current deal, it would be challenging for Dallas to have a different quarterback any time before the 2025 season.
The longer the Cowboys and Prescott wait to ink a new extension, the chatter about Prescott being on the hot seat is sure to increase. Yet, all signs point to the Cowboys sticking with Prescott and that reality will be cemented as soon as the team signs the quarterback to a new extension.