Cowboys QB Dak Prescott is down for a potential contract extension.
“One hundred percent, I’m excited for it (an extension),” Prescott said on Tuesday via The Dallas Morning News’ Calvin Watkins.
Prescott has two years remaining on his contract. An extension ensures he remains a Cowboy, but it’s intended to save cap space not reward him with an exorbitant payday.
Per Spotrac, the Cowboys are $18.7M over the cap and have 19 free agents. Additionally, Pro Bowl WR CeeDee Lamb, Prescott’s top target, has an impending fifth-year option.
Per ESPN’s Todd Archer, if Dallas restructures Prescott’s contract, it can save $22M in cap space, and an extension can create even more room.
Organizations like Kansas City, which is $17.8M under the cap, used lengthy QB deals to save. For example, Patrick Mahomes is under contract through 2031, but the Chiefs spread his salary over a long period. As a result, Mahomes’ 2023 salary is $5.5M, while Prescott’s 2023 salary is $31M.
Cowboys VP Stephen Jones is adamant about the extension because he told Archer the Cowboys need to “add a little juice” on offense.
Despite winning 12 games last season, Dallas finished 14th in passing yards.
It could try to sign free-agent WRs like JuJu Smith-Schuster and Odell Beckham Jr., yet each has a market value that exceeds $13M via Spotrac.
However, Prescott reworking his deal could make a splashy free-agent addition more feasible. Perhaps another reason, he seems willing to revise the deal.
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