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Report: Cowboys and QB Dak Prescott likely to negotiate contract extension in offseason

The offseason looks like it will be expensive for the Cowboys.

Seattle Seahawks v Dallas Cowboys Photo by Michael Owens/Getty Images

The Dallas Cowboys are off on this fine Sunday, and the reason for that is they took care of business on Thursday night against the Seattle Seahawks. Thursday was a rough night for the Cowboys defense for the most part and the driving force behind the team staying in, and ultimately winning, the game was the play of quarterback Dak Prescott (obviously his pass-catchers were a big part of it as well).

Prescott has been on an absolute heater since the team lost to the San Francisco 49ers many moons ago, and even more so specifically once the team emerged from the bye. He has played himself into the MVP conversation across the NFL which is great news for everyone involved, but will come at a bit of a price. Literally.

The Cowboys and Dak Prescott are likely to negotiate a contract extension in the offseason

Even though the Cowboys are off on Sunday, they remain a huge part of the news cycle. This was evidenced by NFL Network’s Ian Rapoport offering during all of the day’s news dumps as he took to the subject of the Cowboys and their star quarterback.

Rapoport noted that the Cowboys and Prescott are likely going to work out a contract extension over the offseason which, no disrespect intended to Rapoport, is hardly breaking news.

If you have been paying attention you know that Prescott’s cap number for 2024 on his current contract is not tenable for the Cowboys. We are a talking about a figure just south of $60M.

Given that Prescott has a no tag and no trade clause, the writing has been on the wall for the Cowboys to give Prescott an extension in the offseason at the very latest. That Dak is playing at an insanely high level only raises the number he will ultimately sign for.

When the Cowboys traded for Trey Lance in the final hours of the preseason there were many who wondered, ignoring the reality of where the team is relative to Prescott’s contract status with the team and the leverage that he holds, whether or not Dallas could move into the future with him. The thing is that even if you do hold that particular belief, the Cowboys now have Trey Lance’s rights which means they have to determine in the offseason whether or not to pick up his fifth-year option for the 2025 season. OverTheCap projects that to be a figure north of $20M for Lance if the Cowboys did decide to pick it up.

All of that highlights how expensive it would be for Dallas to not do an extension with Dak and pick up Lance’s fifth-year option, but again Prescott is playing like the best quarterback in the NFL which thankfully renders that entire hypothetical moot.

For what it is worth though, Prescott is just one of potentially three record-setting deals that the Cowboys will have to strike in the offseason. 2024 marks the first year that Micah Parsons is eligible for a contract extension and he is very likely going to get one that will make him the richest defensive player in NFL history. Speaking of NFL history, it is likely that Prescott’s inevitable extension is the richest on either side of the ball.

On top of the pending Prescott and Parsons situations the Cowboys also have to figure something out with wide receiver CeeDee Lamb who is having the best season of his career so far. As things currently stand, Lamb is slated to enter the 2024 season in a contract year which would not be a wise way to approach things. It is possible that he additionally gets a record-setting deal at his position which means everybody is going to be getting plenty of pie across the offseason.

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