The Cowboys are facing an issue. However, they have a single, serious, and very unique issue at quarterback. Dak Prescott is the one we are talking about.
Due to their previous inaction, the Cowboys now find themselves with (1) Dak approaching the final year of his contract; (2) no ability to use the franchise tag to retain him through 2025; and (3) a whopping $59.4 million cap figure for 2024.
It hands Dak the upper hand in negotiating an extension. In a similar circumstance, owner and general manager Jerry Jones would take full advantage of the leverage he possesses. Dak basically gets to choose his terms.
What could be the new terms for Dak Prescott ?
An article in the Dallas Morning News presents a clever angle that I had not before thought of. The Cowboys might (assuming the contract permits it or Dak consents) undertake a straightforward reorganization that would reduce his $29 million compensation for 2024 to the league minimum of $1.21 million because the deal already includes two voidable years. Over the years 2024, 2025, and 2026, the difference ($27.78 million) would be distributed. His cap amount would drop to $40.88 million in 2024 as a result, freeing up $18.52 million in cap space.
Excellent for 2024. Not very good for 2025. Dak would count for over $55 million against the cap in 2025 if the Cowboys don’t extend his contract before March of next year, even if he signs elsewhere.