The Dallas Cowboys and Dak Prescott are prepared to play out the final year of the quarterback's contract.
The Cowboys and Prescott have a mutual understanding that there will be no adjustment to his contract entering the 2024 season, NFL Network Insider Ian Rapoport reported on Tuesday, per sources informed of the plan.
It was assumed the Cowboys would need to extend Prescott's contract this offseason to lower the massive salary cap figure. Ultimately, the club and QB decided it was best to play out the deal and figure things out on the other side of the season.
Earlier this month, the Cowboys converted a $5 million roster bonus into a signing bonus, shaving $4 million off Prescott's salary cap figure. That number still sits at a whopping $55.445 million. The club also added two additional void years through 2028.
Prescott signed a four-year, $160 million contract in 2021, which included no-trade and no-tag clauses. With no extension forthcoming, Prescott is on his way toward free agency in 2025. If Dallas doesn't eventually sign the QB to an extension, he'd still count $40.46 million against the 2025 salary cap.
In 2021, Prescott owned all the leverage after Dallas used back-to-back franchise tags on the QB. That leverage allowed him to negotiate a shorter, four-year deal than the five-year pact the club preferred. Given his massive cap number, Prescott still owns a ton of leverage. Instead of bowing to that power, the Cowboys seem to be content to let things play out.
There is still time for sides to figure things out, and owner Jerry Jones doesn't seem to be sweating the future, saying Tuesday, "We are where we are. We have our contract. We're locked and loaded for this year, and we can see as we move along how we are thinking."
Next offseason could be wild in Dallas with Prescott on a clear path toward free agency.
