The Cowboys locked up one of their stars on Monday, but other questions remain for Jerry Jones and his management.
After Dallas signed WR CeeDee Lamb to a four-year, $136 million extension by NFL NetworkThe team can now potentially start turning its attention to extensions for quarterback Dak Prescott and defensive end Micah Parsons.
Prescott, who threw for 4,516 yards in 2023will likely be the top priority with contract negotiation rumors increasing in recent months. Parsons, one of the best defensive players in the game, will likely also get a massive pay raise going forward.
With Lamb expected to remain in Dallas, here’s a breakdown of the Cowboys’ salary cap space and potential extensions for their other two stars.
When does Dak Prescott’s contract end?
Prescott is set to become an unrestricted free agent in 2025 and would easily top the potential quarterback class. Other quarterbacks are set to become free agents in 2025 include Russell Wilson, Justin Fields, Sam Darnold and Zach Wilson.
The longer the Cowboys wait to solidify an extension, the more likely Prescott is to be paid elsewhere next season.
With Lamb’s extension up, Jones and management have less than two weeks before the team’s attention turns entirely to the field for Week 1. Lamb’s extension also included a record-breaking $38 million signing bonus for WRs, which could help the Cowboys financially plan for Prescott’s extension.
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THE #Cowboys and All-Pro WR CeeDee Lamb agreed to a massive 4-year extension worth $136 million, in my opinion, and @TomPelissero.
Lamb gets $100 million guaranteed and a record $38 million signing bonus for a WR in a deal brokered by CAA’s Tory Dandy. He’s the second-highest paid non-QB in NFL history. pic.twitter.com/QhfMpSErLd
— Ian Rapoport (@RapSheet) August 26, 2024
In 2021, Dallas and Prescott agree to a four-year, $160 million contract with a no-trade clause. Through the 2024 season, the quarterback will earn a base salary of $29 million, according to Over The Cap.
When does Micah Parsons’ contract end?
Parsons, meanwhile, wouldn’t become an unrestricted free agent until 2026 without an extension, which explains the urgency Dallas might feel to sign Prescott first.
However, if the Cowboys fail to extend the defensive end’s contract over the next two seasons, he would become a superstar hitting the market in his prime – and he would be paid like one.
By Over The Cap, Parsons’ rookie contractthat he signed in 2021, expires after the 2025 season. This season, he will earn just over $2.9 million, and after Dallas picked up his fifth-year option earlier this year, he will earn $21.3 million in 2025, if he does not sign an extension by then.
Dak Prescott contract extension
As NFL Network insider Tom Pelissaro noted: With Lamb’s extension on the books, attention now turns to Prescott.
Regardless of Lamb’s new deal, Estimates Over The Cap The Cowboys’ current cap hit is $266 million.
Since August 26, Joe Burrow, Jordan Love and Trevor Lawrence are tied for highest AAV ($55 million) for an NFL quarterback. Prescott could certainly exceed that figure, or he could take a smaller pay cut to ensure he stays in Dallas.
On Sunday, ESPN’s Jeremy Fowler reported on SportsCenter that he expected the Cowboys to get the Lamb deal done first, then “try to get the Prescott deal done before Week 1 as well, double down on those guys and spend a ton of money.”
“He’s well aware of what he can do in free agency if he passes up this opportunity,” Fowler said of Prescott.
The pressure will likely be on Jones and Dallas over the next few days and weeks to secure their star quarterback.
Micah Parsons contract extension
With Prescott likely to get a deal first, a possible Parsons deal would come later, potentially next offseason.
In July, Parsons spoke about a possible contract extension with the Cowboys, saying he would never want to leave the organization and that “contract issues will always take care of themselves.” according to ESPN.
“When you talk about career and legacy, I don’t think there’s a better career than playing for the star and having the chance to be the best with the star and retiring as a Cowboy,” Parsons said. “You look at (Jason) Witten, you look at Michael Irvin, you look at Emmitt (Smith), you see they’re still in the community, still active. The star carries so much weight and the legacy that comes with it.”
Between Lamb’s hefty contract and the potential size of a Prescott deal, it could be difficult for the Cowboys to get a deal done with Parsons.
However, for a team worth over $10 billion and an owner who is not afraid to spend money, there is no doubt they can secure deals for their three stars.
