If there is one thing about Dallas Cowboys CEO Stephen Jones that is different from his father, team owner Jerry Jones, it’s that he is a bit more blunt, a bit less flowery with his language and a lot more realistic in how he views the team and its roster. Jerry Jones tends to focus on the possible, while Stephen focuses on the actual. And the actual, when it comes to breakout star receiver George Pickens, has a downside.
That downside seems to be, according to Stephen Jones’ words, something like this: Enjoy George Pickens as a Dallas Cowboys star here in 2026, because it’s likely the last year the team will be able to pull off having he and CeeDee Lamb together.
Indeed, the Cowboys have arguably the best wide receiver combo in the NFL, which was fun to watch in 2025 and is, as the team is hoping, going to be even better to watch in 2026, with Lamb presumed to be fully healthy now. But after quarterback, wide receiver is the most expensive offensive spot to fill in the league, and having two No. 1s is just not sustainable.
Stephen Jones: George Pickens Will Present ‘A Real Difficult Situation’
Stephen Jones was blunt about that reality on Tuesday in an appearance on the DLLS Cowboys podcast. Dallas has a great opportunity this season to take advantage of Pickens have signed the franchise-tag deal the team offered in April, which pays him $27.3 million for this season, but that is going to change dramatically in 2027.
Said Jones: “The situation we have with George Pickens going alongside CeeDee, I don’t know of any teams that can pay two top receivers top of the market, so that’s going to be a real difficult situation as we move forward. We’ve managed to figure out how we can do it for this year. If everything works out the way we think it is, with CeeDee and George both having huge years again, then it will be a bigger challenge next year. George is wanting to put back-to-back years on top of one another so it will help his market.
“And certainly I know at some point, will want to be rewarded with a long-term contract.”
Cowboys Can’t Pay George Pickens, CeeDee Lamb 25% of Cap
Realistically, the Cowboys can afford to pay Lamb or Pickens, but not both. If Pickens does anything close to repeating last year’s production of 93 catches for 1,429 yards–the fourth-most yards in team history for one season–he will be pushed to the top of the wide receiver market. Jaxson Smith-Njigba of the Seahawks set that market at $42 million AAV this offseason.
With Lamb in the second year of a four-year, $136 million contract, and likely looking for an extension in a year as well, it would just be too much to pay both players. The salary cap is $301 million this year, and paying Pickens more than $40 million would put the Cowboys at about 25% of the cap going to two receivers.
A Cowboys Choice Lies Ahead
Of course, the question might be raised, especially depending on how things go this year: Would the Cowboys keep Lamb or Pickens? Theoretically, they could trade Lamb and get some return for him while keeping Pickens as the WR1. That would be a tough pill to swallow given how entrenched Lamb is in being a Cowboy, but if Pickens proves to have a better year again, or if Lamb struggles to stay healthy for 17 games, the Cowboys would have a decision to make.
But that, fortunately, can wait a few months. The Cowboys still have 17 games in 2026 to see just how good this receiver room looks.
Cowboys Say ‘Difficult Situation’ With George Pickens Is Looming