The Correct Contract Extension For Dak Prescott: Everyone Feels Some Pain

If you believe everyone -- and there's no reason not to -- the Dallas Cowboys want to sign Dak Prescott to a new contract and the quarterback wants to stay with the team he's played for since 2016. 

"I do not think that this will be his last year with the Cowboys – at all," club owner and general manager Jerry Jones said last week.

Jan 7, 2024; Landover, Maryland, USA; Dallas Cowboys owner Jerry Jones walks off the field after warmups prior to the game against the Washington Commanders at FedExField. Mandatory Credit: Geoff Burke-USA TODAY Sports

Jones couldn't guarantee this and did equivocate. And Prescott then followed as if echoing Jones.

"I want to be here but, you know, when you look up all the great quarterbacks I've watched, they've played for other teams," Prescott said. "So my point in saying that is that it's not something to fear.

"That may be a reality for me one day."

And now let's come to the place most Cowboys fans want this to end: With Prescott signing an extension with the Cowboys.

Because that's probably best for both the club and the player.

Why?

If the Cowboys walk off that ledge they've been on and decide Prescott is too expensive to keep, NFL history says it's probably going to take them some significant time before they find someone nearly as good.

And that might not be a wise approach for an 81-year-old Jones.

ESPN overrated Dallas Cowboys QB Dak Prescott in large part because he's the Dallas Cowboys quarterback. (Photo by Richard Rodriguez/Getty Images)

For Prescott, the gamble of not helping seal a deal is different. He's under contract this year. He's collecting $29 million in base pay alone in the final year of a four-year, $160 million contract.

So he ain't hurting at all.

But what if he plays on this expiring contract and things don't go exactly right? What if he doesn't perform to expectations? What if he gets seriously injured at age 31?

Is he going to collect those extra $10-$20 million he wants to exact from the current negotiation?

It behooves both sides to get this done. And here's the dispassionate headline this contract should write:

Prescott becomes NFL's highest paid player after signing four-year deal worth $56 million per season. 

A vendor counts US dollar banknotes during a food wholesale event at Plaza Centenario in Quezaltepeque, La Libertad department, El Salvador, on Tuesday, July 9, 2024. El Salvador President Nayib Bukele said during a televised cabinet meeting over the weekend that food importers, wholesalers and retailers must lower prices or face criminal investigations for alleged bribery, tax evasion and contraband smuggling. Photographer: Camilo Freedman/Bloomberg via Getty Images

Record Amount Of $$$ For Dak

The contract should be worth $224 million. And it should include maybe $130 million fully guaranteed.

There. Problem solved.

And how did fake contract negotiator Mando arrive at this deal on behalf of both sides?

Let's agree Prescott, who led the NFL in TD passes last year, should be the league's highest paid player because he's the next and most accomplished quarterback on the verge of a deal.

And let's agree he gets more fully guaranteed money than Jordan Love or Tua Tagovailoa because he's proven more than either of them. And they also both got four-year deals, as I'm giving Prescott.

Let's also agree Prescott's fully guaranteed money should rival but not exceed Joe Burrow ($146.5 million) or Trevor Lawrence ($142 million) because they signed five-year deals rather than four-year deals.

And then the big one: Let's agree Prescott does not hit the $60 million milestone everyone has been speculating could happen.

That's a big one, apparently.

Cowboys quarterback Dak Prescott celebrates after scoring a touchdown against the Detroit Lions. (Photo by Cooper Neill/Getty Images)

$60 Million Per Year Doesn't Make Sense

This is the Forth Worth Star-Telegram's opinion about Prescott's value: "With a $55.4 million cap hit in 2024 in what is the last year on his deal with Cowboys and a no-tag class, Prescott could command as much a $60 million in free agency."

Maybe. But he wouldn't be a free agent with the Cowboys.

He'd be the valued player they already rewarded previously and now again. The player they're talking to in good faith now. And the guy that, if they lose, they'll likely end up getting a third-round compensatory in exchange.

So the Cowboys shouldn't pay $60 million for Prescott, especially since Texas does not levy a state income tax. 

Prescott should agree to this. Yes, the $60 million per year mark would set a grand milestone and likely bring his agent more clients.

But that grand milestone could also cost Prescott, say, a solid backup offensive lineman the Cowboys cannot fit under the salary cap in the future.

Prescott, a super bright individual, has to understand the ramifications of signing a $56 million a year deal compared to a $60 million a year deal. 

It means more money in his bank account. But less talent around him. 

So, this is the proper compromise for all parties involved. Everyone will have one complaint or another about the outline of this deal.

And that's what tells everyone it's the right deal to do.