Schefter: New Deal With Tony Romo Completed

Todd Archer at ESPN is reporting that a deal is "imminent" for the Dallas Cowboys to sign quarterback Tony Romo to a new contract. On Twitter he clarified what he meant by that.

Filed to @espndallas - Cowboys long-term deal with Tony Romo "imminent" according to sources. How imminent? Maybe hours.

— Todd Archer (@toddarcher) March 29, 2013

So stand by. Today, the Cowboys could firm up the course of the franchise for several years and get the cap situation well under control. A new, cap friendly deal could allow the team to sign all of its draft picks next month and shop some more in free agency. This would leave only the possible long term deal with Anthony Spencer to be worked out.

It was reported earlier that the Cowboys would not be able to franchise tag Romo in 2014 because of the way his contract was structured. If this deal goes through, they won't have to worry about it.

[UPDATE] Looks like "imminent" may have been a matter of minutes:

Cowboys and Tony Romo reached an agreement on blockbuster 6-year extension that makes him highest paid player in team history, per sources.

— Adam Schefter (@AdamSchefter) March 29, 2013

More info from Ed Werder:

As @toddarcher first reported, Cowboys-Romo close on extension. Will make him Cowboy for life and average $17-18M _ less than Brees, Flacco

— Ed Werder (@Edwerderespn) March 29, 2013

Rapoport has a different take on the money:

#Cowboys and Tony Romo strike a deal. Per RJ Gonser of CAA, it's 6-year extension with $55M guaranteed. More than Flacco.

— Ian Rapoport (@RapSheet) March 29, 2013