What to expect from the Cowboys in free agency and what’s up with Dak Prescott contract
NFL teams began negotiations and agreeing to deals with pending free agents starting Monday at 11 a.m., but signings and trades can’t be finalized until Wednesday.
And while owner Jerry Jones declared the Dallas Cowboys to be “all in” heading into the 2024 season, that may be more talk than action.
Look for Jones and the Cowboys to slow-play the start of free agency with no big money early signings.
It’s a similar path they’ve followed in the past.
Seeing would believing ,even for quarterback Dak Prescott.
“I’ve heard that one,” Prescott said. “I’m excited to see it, honestly. I can’t say that I’ve had talks with him (Jones) on how he plans on making those moves, but I’m excited for it.”
Dak Prescott contract remains the linchpin
That Jones and Prescott have not had talks about the team’s offseason plans is telling.
Before the Cowboys can do anything in free agency they must get handle on what they are going to do about Prescott’s $59.4 cap hit in 2024.
The Cowboys would like to sign Prescott to a long-term contract extension at a team-friendly number. But the eight-year veteran quarterback has all the leverage to demand market-setting deal of $60 million annually because as he is heading into the final year of the four-year, $160 million deal he signed in 2021.
Prescott has a no-trade clause and clause. He can’t be franchised.
The Cowboys want Prescott to work with them on an extension so to get more room to put other players around him, while also setting the landscape for extensions for receiver CeeDee Lamb and edge rusher Micah Parsons.
Is it Prescott’s job to help them manage the cap?
Or should he maximize his earnings coming off the best season of his career when he made second team All-Pro and finished second in MVP voting?
The Cowboys can address Prescott’s deal and clear cap room for 2024 by converting his salary into a bonus. But it would add dead money on the back of the deal that could put the Cowboys in salary cap hell in 2025 if they don’t get a deal done and he walks in free agency.
The Cowboys must do something with Prescott’s contract before they can truly move forward in free agency or even think about going all in.
With Prescott due a $5 million roster bonus March 18, look for a decision to made within the next week.
Where the Cowboys stand with the salary cap?
Although Prescott’s contract remains a question, the Cowboys do have room to maneuver under the cap. There are other moves they can make to free up even more money.
According to overthecap.com, the Cowboys have $2.2 million in cap room.
They got there by restructuring the contract of nine-time Pro Bowl right guard Zack Martin, freeing up close to $13 million of cap space in 2024.
The move included adding voidable years to Martin’s deal, which expires in 2024, to help with the cap in 2025 as well.
The Cowboys also have the option of restructuring the contracts of cornerback Trevon Diggs and right tackle Terence Steele to create even more room.
Look for Michael Gallup to be cut, not traded
It’s been an open secret that the Cowboys were going to move on receiver Michael Gallup, who has had two disappointing seasons since signing a five-year, $57.5 million deal in 2022 when only the first two years were guaranteed.
The Cowboys have given Gallup’s agent permission to seek a trade for him. But that has little chance of happening, considering team’s know they can get him for free upon his release.
And a release is the best option for the Cowboys.
A trade would only save them $800,000 against the cap. But a release with a post-June 1 designation would clear roughly $8.8 million cap room in 2024.
Moving on from Gallup also saves them $30 million in cash over the next three seasons.
Dorance Armstrong, Tony Pollard and Tyler Biadasz are gone in free agency, who else is out the door?
The Cowboys opened Monday 16 players heading into unrestricted free agency.
The list included running backs Tony Pollard and Rico Dowdle, tackles Tyron Smith and Chuma Edoga, center Tyler Biadasz, tight Sean McKeon, cornerback, Stephon Gilmore, Jourdan Lewis, C. J. Goodwin and Noah Igbinoghine, safety Jayron Kearse, defensive ends Dorance Armstrong and Dante Fowler, defensive tackles, Johnathan Hankins and Neville Gallimore and longsnapper Trent Sieg.
Three headed out to door quickly.
Pollard agreed to terms on a three-year, $24 million deal with the Tennessee Titans and former Cowboys defensive coordinator Dan Quinn got Biadasz and Armstrong to follow him to the Washington Commanders.
Biadasz got $10 million per season for three years and Amstrong can earn up to $45 million on a three-year deal.
The Cowboys are now looking for new starters at center and running back and more depth at defensive end.
This is just the beginning of the exodus in free agency as Smith was aalready set to search for a new home because he wants more than the Cowboys are willing to pay.
Kearse was the odd man out at safety when the Cowboys gave extensions to Malik Hooker and Donovan Wilson last year.
Hankins, Gilmore and Lewis are possible return candidates depending on the price.
Who are possible free agent targets?
With needs at running back, offensive line, linebacker, defensive line and cornerback, the Cowboys certainly have a wish list in free agency.
Can they afford any of them and how much are they willing to pay?
Running backs Saquon Barkely and Derrick Henry are names that have been associated with the Cowboys.
Barkley went off the board as the agreed to terms with the Philadelphia Eagles.
Henry has a home in Dallas. Would he make this his permanent off season residence? There is a natural connection with the two-time NFL rushing champ.
He definitely would give the Cowboys the power back they have lacked since the departure of Ezekiel Elliott. But Henry is likely have going to have other suitors and may not come cheap enough for Cowboys, even in a depressed market for running backs.
Defensive tackle Arik Amstead, who is slated to be released by the San Francisco 49ers after refusing a pay cut, could be an intriguing option.
Other defensive tackles are the market to help shore up the run defense are Ross Blayloc and Leki Fotu.
Linebacker possibilities are Erik Kendricks, Azeez Al-Shaair, if they don’t target big names like Lavonte David or Devin White.
Again, the Cowboys are likely out of the mix until they get the Prescott contract resolved.
This story was originally published March 11, 2024 at 9:01 AM.
