As deadline looms, Dallas Cowboys and Dak Prescott have not renewed contract talks
With eight days remaining until the deadline to sign quarterback Dak Prescott to a long-term contract extension, the Dallas Cowboys can take solace in knowing they no longer have the burden of making him the richest player in NFL history.
The Kansas City Chiefs took that option off the table when they agreed to a 10-year extension worth up to $503 million with their MVP Super Bowl champion quarterback Patrick Mahomes, per ESPN.
It’s the most money ever in terms of average per year salary and total package by far, surpassing Seattle Seahawks quarterback Russell Wilson’s four-year, $140 million deal. Mahomes’ contract includes $140 million in guaranteed money for injury and $477 in guarantee mechanisms.
Mahomes’ deal is the richest in team sports history.
On the same day the Chiefs announced the Mahomes deal, which took less than a month to negotiate, a source said the Cowboys and Prescott, who have been talking about a deal for almost two years, have not engaged in talks since March when an offer of five years for more than $34 million annually with a then-record-tying $110 million in guaranteed money was rejected.
There appeared to be hope of possible movement when Prescott signed his exclusive franchise tag on June 22, guaranteeing him $31.4 million for 2020.
But there have been no subsequent talks in the two weeks since then, and if a long-term extension isn’t done by July 15, Prescott will have to play in the entire season on the franchise tag.
The biggest obstacle between the Cowboys and Prescott has been the length of the deal. The Cowboys wanted to do a five-year deal to help with the salary cap and Prescott wanted four years to keep in line with the contract length of many of the recent quarterback deals.
The 10-year extension for the Texas Tech-product from Tyler certainly looks good for the Cowboys in terms of a quarterback signing a long-term extension to help the team manage the cap.
But the more than $40 million average annual average salary will become a bargaining tool for Prescott. If the Cowboys want to sign him to a longer deal then they will need to provide more money.
What’s always been true is that the money was always going to go up, just like it has the past two years when the Cowboys failed to get a deal done.
Time has been an ally for Prescott and if the two sides don’t come to terms by July 15, the situation is only going to become more favorable for him.
As of now, the franchise tag figure for 2021 is $37.7 million, however, if the Cowboys are forced to tag him a third time, Prescott’s 2022 salary would balloon all the way up to $54 million.
And that’s before calculating how Mahomes’ new deal impacts those amounts.
Of course, no extension for Prescott by July 15 could also be the first step out of the door for Prescott.
Some might ask that if the two sides could not come to terms in almost two years of negotiating, how much of a difference would another year make?
If Prescott has another great season, his demands are going to increase at the same time the Cowboys will be coming off a year in which they lost millions due to COVID-19 and facing a lower salary cap in 2021.
This story was originally published July 6, 2020 at 5:11 PM.
