Stephen Jones, Executive Vice President of the Dallas Cowboys, has announced plans to renegotiate quarterback Dak Prescott’s contract to alleviate the team’s salary cap constraints. Prescott, who signed a four-year, $240 million extension in September 2024, carries a significant cap hit for the upcoming season.
In a recent interview on 105.3 The Fan, Jones stated, “We reworked [Dak Prescott’s contract] every step of the way of his $40 million contract, and we’ll be reworking it again throughout on his $60 million contract, in terms of pushing the payday out.”
The NFL’s salary cap is projected to increase to $275 million for the next season, up from $245 million last year. Despite this increase, the Cowboys face financial challenges, with 40 players accounting for $263 million, leaving only $12 million in cap space before accounting for raises, rookie contracts, or injuries.
By restructuring Prescott’s contract, the Cowboys could potentially free up approximately $36 million in cap space. Additionally, restructuring wide receiver CeeDee Lamb’s deal could create another $20 million in cap room, providing the team with a total of $56 million to utilize in the offseason.
- However, the team must navigate these financial adjustments carefully. Key players like cornerback Trevon Diggs and right tackle Terence Steele have substantial cap hits, and decisions regarding their contracts will impact the team’s roster and competitiveness. Furthermore, linebacker Micah Parsons, whose contract expires in 2025, has expressed a desire for a new deal before entering free agency in March.
The Cowboys have previously managed Prescott’s contract to create cap space. In March 2024, they converted his $5 million roster bonus into a signing bonus, reducing the cap hit by $4 million. The subsequent extension added two voidable years in 2027 and 2028 to manage the salary cap impact.
As the offseason approaches, the Cowboys’ front office, led by Stephen Jones, will need to execute strategic financial maneuvers to maintain a competitive roster while adhering to salary cap limitations. Restructuring Prescott’s contract appears to be a pivotal step in this process, aiming to balance immediate financial relief with long-term fiscal responsibility.
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