Getty Dallas Cowboys owner Jerry Jones throws up a thumbs up before an NFL game.
Dak Prescott has two seasons remaining on his current $160 million deal, but the Dallas Cowboys have been open about their desire to sign the quarterback to a new long-term contract extension. USA Today’s K.D. Drummond is preparing fans to have a bit of sticker shock for Prescott’s next deal which the analyst projects will be a five-year, $255 million extension.
Drummond believes the most likely scenario is the two parties will wait until next offseason to sign a new deal. When combined with the final year of Prescott’s current deal, the new projected contract would have the Cowboys owing the quarterback a total of $289 million over six years (2024 to 2029). With Joe Burrow, Lamar Jackson, Jalen Hurts and Justin Herbert all up for new deals in the coming years, the average annual salary for quarterbacks is moving towards $50 million.
“At the end of next season, the following star quarterbacks are going to be out of contract: Cincinnati’s Joe Burrow, Los Angeles’ Justin Herbert, Baltimore’s Lamar Jackson and Philadelphia’s Jalen Hurts,” Drummond wrote on March 24, 2023. “At least one, if not all of these quarterbacks are going to break the $50 million plateau.
“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. 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.”
Dak Prescott on Future With Cowboys: ‘Looking Forward to an Extension’
For context, Spotrac projects Prescott’s market value to be a four-year, $175 million contract giving the star quarterback a $43.9 million average annual salary. Drummond cited the rising salary cap combined with the upcoming quarterback boom as key factors for Prescott’s deal to be higher than some expect.
Prescott is coming off a career-high 17 interceptions, but the Cowboys have shown no concerns about the quarterback being the long-term QB1. The Dallas front office has alluded to a possible extension but this could wait until next offseason given the busiest portion of free agency has already been completed.
The Cowboys and Prescott already restructured his current deal to create $22 million in additional cap space. Prescott admitted that he expects an extension to get done sooner rather than later.
“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.”
Could the Cowboys Move on From Prescott in 2024?
Things can change quickly in the NFL as we saw this season with Derek Carr who the Raiders moved on from despite signing the quarterback to an extension less than one year ago. Delaying an extension to next offseason would give the Cowboys another season to evaluate Prescott to see if the quarterback can bounce back from an inconsistent 2022. Dallas has spent the offseason looking to upgrade the roster to put less pressure on Prescott heading into 2023.
“But still, a repeat turnover performance by Prescott in 2023 could change the team’s thinking about hitching their wagons to him,” Drummond added. “It is this reason why it would not be surprising to see Dallas take a mid-round QB in April’s draft, to potentially have a bridge QB better than Cooper Rush should the team need to prepare for a divorce. Clayton Tune, Hendon Hooker, Dorian Thomspon-Robinson all sit as potential guys who with the right seasoning could be in play for Dallas.”
Stephen Jones on Dak Prescott: ‘We’ll Wake Up One Day & It’ll Be Done’
Back in February, Cowboys COO Stephen Jones indicated the team had not begun having contract talks with Prescott. Jones added that he expected to “wake up one day” and a new deal with Prescott will be done.
“No, we haven’t [began extension talks with Prescott],” Jones told reporters on February 28. “…I don’t know. I bet there’s not going to be a lot said about it. We’ll wake up one day and it’ll be done.”