There is no rush to get something done for the linebacker, and many linebackers this past offseason ended up not getting close to the kind of deals they wanted in free agency. This one seems to have wait-and-see written all over it.
July 16 is the deadline for teams to extend players franchise players. If they do not come to an agreement, Spencer will play the 2012 season under the tag and be a free agent after the season. As it currently stands, the Cowboys have not made any multi-year offers to Spencer, and have never publicly indicated that they are even considering doing that.
In late February, the Cowboys had offered Spencer a franchise tender worth $8.8 million, but Spencer and his then agent, Roosevelt Barnes, hadn't seen fit to sign the tender. It was only when Spencer hired Dallas-based agent Jordan Woy, ostensibly in the hopes of securing a long-term deal, that Spencer signed the tender just days before the draft. He and his agent will do everything from now until July 16th to get a long-term contract, as a long-term contract would likely mean more total guaranteed money for Spencer, giving him more security in case of an injury.
The Cowboys apparently are content to let him play for one more year under the tender and look for his replacement over the next twelve months or so. Then again, the last time the Cowboys used a franchise tag on a player, Ken Hamlin in 2008, it took them until July 16th to hammer out a deal, so the door may not be completely shut yet.