Prescott won’t be receiving an extension from the Cowboys, according to reports.
The Dallas Cowboys have made the decision to let things work themselves out as Dak Prescott approaches the final year of his contract in 2024. Ian Rapoport of NFL Network reports that Dallas has not extended their offer to Prescott and that the two parties have “a mutual understanding of his contract situation.” By refusing to negotiate a new agreement, Jerry Jones and his team are teetering on the verge of collapse.
Prescott is a genuine franchise quarterback in spite of his shortcomings. When the Cowboys offered him a four-year, $160 million contract in 2021, they firmly believed that. He has paid that faith by playing at a level that is almost MVP when healthy. It seems that he hasn’t received a new contract because of that.
Prescott had what was maybe his best season in the NFL in 2023. He led the NFL in throwing touchdowns (36) and achieved career highs in completion percentage (69.5) and passer rating (105.7). Among regular starters, he finished third in passing yards (4,516), fifth in yards per attempt (7.7), and second in QBR (72.7). Despite those figures, he will earn $36 million and start the 2024 season as the 11th-highest paid player in the NFL.
One of the main criticisms leveled against Prescott is that, while the Cowboys as a team haven’t experienced much postseason success, he hasn’t either. That issue is two decades older than Prescott’s career. Since winning Super Bowl XXX on January 28, 1996, Dallas has only made it to five playoff games and hasn’t advanced to the NFC Championship Game. It is naive to hold Prescott responsible for the team’s postseason struggles.
For 2024, the salary cap increased by almost $30 million, and it is anticipated to increase significantly again the following offseason. Prescott has set himself up for a massive payout if that is the case, as quarterback earnings are expected to soar. It’s the 30-year-old’s prime. It would be silly to anticipate a significant regression this season. The Cowboys run the risk of losing a ton of money if they don’t sign him right now, or they let Prescott sign a big contract elsewhere, just like Kirk Cousins did this offseason.
By letting Prescott approach the last year of his contract with no future plans, the Cowboys are taking a significant risk. They can end up regretting their choice.