The five options the Dallas Cowboys have with George Pickens’ free agency
It isn’t a Super Bowl weekend unless some Dallas Cowboys news bubbles to the surface, and this past edition was no different.
On Saturday, ESPN’s Adam Schefter reported that the Cowboys are expected to place the franchise tag on wide receiver George Pickens — as has been reported for the past few weeks locally. On Sunday morning, the NFL Network’s Ian Rapoport said that trading Pickens is an option for the team.
The Cowboys are in an interesting spot with their newfound star receiver. After acquiring him for a third-round pick and a day three pick swap from the Pittsburgh Steelers last offseason, Pickens led the team in all three major receiving categories despite the expectation that he would ride back seat to CeeDee Lamb. Instead, he was the co-pilot for Dallas’ passing attack.
Now, his contract is set to expire March 11. Dallas must now make a decision on Pickens in the coming weeks.
Here are the team’s five options:
Sign Pickens to an extension
The quickest final conclusion that could possibly happen is the team simply signing him to a long-term extension before March 11.
According to Pickens’ market value via Spotrac, he is expected to land a deal worth $30.6 million per year. If signed to a standard four-year contract, Pickens would make $122.4 million over the course of his deal with this theoretical value. If he is signed before March 11, the team would have clarity on how much cap space would be dedicated to Pickens before heading into free agency so that it knows how much can be spent on other free agents.
Now, this is unlikely. And here’s why.
Apply franchise tag to Pickens, sign him to an extension
Applying the franchise tag to Pickens before signing him to a long-term extension is the leader in the clubhouse as far as scenarios go for how this will play out. It solidifies team control for Pickens for at least 2026, and it allows both sides to continue working toward a long-term agreement.
The Cowboys can place the tag on Pickens anytime from Feb. 17 to March 3 to prevent him from hitting the open market on March 11. The franchise tag is a tool for teams to use by placing it on one player who is set to hit free agency. Dallas has used it in the past on players such as quarterback Dak Prescott, running back Tony Pollard and defensive end DeMarcus Lawrence. It serves as a one-year contract that is expected to be worth $28 million for 2026, according to Over the Cap.
Since the expectation has long been that the team will place the tag on Pickens, the next step would be working out a long-term deal prior to July 15.
Have Pickens play on the franchise tag
After July 15, the team and Pickens would no longer be able to work out a long-term extension. The two sides could agree to a reworked one-year deal after that date, but any certainty beyond 2026 would have to wait until next offseason.
Previous Cowboys to play the season on the franchise tag include offensive tackle Flozell Adams (2002), pass rusher Anthony Spencer (2012 and 2013), Lawrence (2018), Prescott (2020), tight end Dalton Schultz (2022) and Pollard (2023). However, no players across the entire NFL played under the tag in 2025.
Pickens’ representation, led by super agent David Mulugheta, has expressed an unwillingness to have clients play under the franchise tag. The one-year tender would risk future earnings if the player gets hurt playing on the tag, similar to Spencer in 2013 and Prescott in 2020.
Four times in franchise history has the team placed the tag before working out a long-term extension before the July 15 deadline: safety Ken Hamlin (2008), wide receiver Dez Bryant (2015), Lawrence (2019) and Prescott (2021).
Apply franchise tag to Pickens, trade him
This scenario could have some flashback to the Micah Parsons situation from 2025, and rightfully so. After Rapoport reported Sunday that trading Pickens is an option for the team, fans called back to the drama of last offseason involving Parsons and wondered if the Cowboys could be heading down the same road.
Applying the tag prior to the March 3 deadline gives the Cowboys team control for 2026. If there is a team desire to take advantage of Pickens’ current value rather than keep him around, then exploring this route would make sense. However, Pickens’ trade value is viewed as no more than a second-round pick and a day three pick swap, according to a Star-Telegram league source.
Is that enough to move on from a piece who could easily be a staple of the Cowboys’ future?
Let him walk in free agency
This is the unlikeliest option. If the Cowboys do not place the tag on Pickens prior to March 3, they risk letting him walk to another team without getting anything in return.
Simply put, this will not happen.
