Dak Prescott and Dallas Cowboys Agree to Extension

Wed, Mar 10, 2021
By Jim Vassallo (Veri.bet Writer)

After playing a game of will they, won’t they, the Dallas Cowboys and Dak Prescott finally agreed to a long-term contract extension. The Cowboys have not announced the deal officially, but have said there will be a press conference on Wednesday.

The two sides came to an agreement on a deal just hours before the 4 pm ET deadline on Tuesday for teams to tender the franchise tag on players. As a formality, the Cowboys still placed the franchise tag on Prescott Tuesday.

The impact of the deal is far-reaching. Not only does it set multiple records, but it also sets up the Cowboys to compete in the NFC East and the NFC for the next handful of years.

The details of the contract

The contract that Prescott will sign on Wednesday is reportedly for six years and $240 million. Of that, $126 million is guaranteed and Prescott will receive a record-breaking $66 million signing bonus.

There is a catch: the final two years of the contract void, turning it into a four-year deal worth $160 million.

The contract is broken down as follows:

Signing bonus: $66 million

2021 base salary: $9 million

2022 base salary: $20 million

2023 base salary: $31 million

2024 base salary: $29 million ($5 million roster bonus due the fifth day of the league year)

2025 base salary: $40 million (voidable year)

2026 base salary: $40 million (voidable year)

2021 cap figure: $22.2 million

2022 cap figure: $33.2 million

2023 cap figure: $44.2 million

2024 cap figure: $47.2 million

2025 cap figure: $53.2 million (voidable year)

2026 cap figure: $40 million (voidable year)

The last two years of the contract void after the deadline passes each of those years for placing the franchise tag on players, which prevents the Cowboys from doing so in 2025, something Prescott had requested in contract talks with the team.

Where does this put the Cowboys?

It was imperative that the Cowboys finalized a deal with their star quarterback instead of placing the franchise tag on him for a second straight season. 

Prescott has been a difference-maker since arriving in Dallas via the 2016 NFL Draft following a career at Mississippi State. How good has Prescott been? His 97.3 passer rating currently ranks as the fourth-best in league history.

With Prescott in the fold for the foreseeable future, the Cowboys are in a position to dominate the NFC East and make a serious run at the NFC title every year. Also locked up long-term are wide receiver Amari Cooper, running back Ezekiel Elliott, tight end Blake Jarwin, defensive end DeMarcus Lawrence, linebacker Jaylon Smith, offensive guard Zack Martin, left tackle Tyron Smith, and right tackle La’el Collins.

The Cowboys are built to win right now. Because of that, Prescott can earn a $1 million bonus during the life of the new contract if the Cowboys win a Super Bowl and he plays 50 percent of the snaps in that game. Dallas has shown the rest of the league that they are in win-now mode.