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With a flurry of last-minute moves, the Cowboys got under the salary cap. It's unlikely they'll be doing any immediate free-agency dealing unless they make a few more moves.
While many of the other NFL teams are getting excited about the 4 PM EST start to free agency, the Dallas Cowboys are likely to be silent. After yesterday's moves, the Cowboys are under the cap - but just barely. Without any real money to play with, they'll need help from a couple of other contracts before they can attempt to pick up free agents that come with any kind of price tag. The prime targets for monetary relief would be in a re-worked Tony Romo contract and coming to agreement on a long-term deal with Anthony Spencer.
Dallas still has some decisions to make about their own free agents. Some of them have been starters or important cogs. Any likelihood we'll see any of them back in Dallas?
Felix Jones - I can't see any reason to re-sign him. Not that he's a bad player, when he stays healthy he's a value add. But he'll probably receive a pretty decent offer somewhere else, and Dallas should definitely look in the mid-to-late rounds of the draft for a replacement., they may even opt for an UDFA.
Kevin Ogletree - Why would they? He never became the third receiver they hoped he would be, and Dwayne Harris looks like a more dependable option.
John Phillips - I'm not ready to write Phillips totally out of the picture, but James Hanna is likely the number two TE going into 2013. Hanna started to improve at the end of 2013 and he has some potential. The Cowboys would either need to re-sign Phillips at number three TE money, or pick up a blocking tight end on the cheap.
Victor Butler - Butler is already supposedly being looked at by the Browns and the Jets, and there are probably others, too. I imagine Dallas wouldn't mind having him back, but he's likely to be too pricey.
Mike Jenkins - Rumors are they have no interest in re-signing Jenkins.
Ernie Sims - Sims is an intriguing case. Just how much did his good season as a replacement affect his value around the league? Will anybody step up and offer him a decent contract, or is he still in minimum-salary-mode? If he doesn't get any serious offer, I could see Dallas opting to re-sign him later in the offseason for cheap.
Charlie Peprah - He's probably a last-resort signing later in the offseason if still available. Dallas would like to fill in their safety depth through the draft, or possibly this could be the area they use some money once they free it up. A lot of safety talent is available in free agency this year, if Dallas splurges anywhere, it's probably at safety.
Kenyon Coleman - Age and the move to the 4-3 defense makes him a very unlikely candidate to come back.
There are a few others like Brian Moorman, Orie Lemon, Eric Frampton, etc.
I expect the Cowboys will not make any real moves until they get something done with Romo or Spencer. It's likely to be pretty quiet at Valley Ranch while the rest of the NFL goes nuts.