Dallas Cowboys Quarterback Dak Prescott Becomes NFL's Highest Paid Player

Patience has paid off for Dak Prescott. Literally.

The Dallas Cowboys and their star quarterback agreed to a contract extension on Sunday that sets a new and amazing milestone in NFL contracts. Prescott's new deal, just agreed to with the Cowboys, runs four years and is worth $240 million. 

The deal includes a whopping $231 million in guaranteed money.

Long Awaited Deal For Dak Prescott

This is the contract everyone has been waiting to see, folks.

It's the deal the Cowboys needed to make months ago to clear some salary cap space and allow them to be more active in free agency. They didn't do that. 

It's the contract Prescott said he was happy to wait for but privately wanted resolved. 

It's the contract NFL pundits wanted to see come in to see if Prescott could perform better at the negotiating table than in the playoffs.

The upside of the wait for Prescott is that other quarterbacks, such as Trevor Lawrence and Jared Goff, signed new contracts which improved his case for getting this deal.

So why did it take this long? 

EAST RUTHERFORD, NEW JERSEY - SEPTEMBER 10: Dallas Cowboys owner Jerry Jones is seen prior to a game against the New York Giants at MetLife Stadium on September 10, 2023 in East Rutherford, New Jersey. (Photo by Tim Nwachukwu/Getty Images)

Jerry Jones Took His Time

Firstly, the Cowboys and club owner/general manager Jerry Jones are not exactly quick on the draw on contract extensions. They took their time with Prescott before getting him signed to his first big contract in 2021. They've taken their time in doing deal with other star players as well.

Then there's the fact Prescott has had some terrific highs and disappointing lows in recent years. He led the NFL in interceptions in 2022. He led the NFL in touchdown passes in 2023.

He's typically outstanding in the regular season. But he's been kind of middling in the postseason.

All this suggested the Cowboys could walk rather than sprint to this altar even if everyone understood a wedding was ultimately going to happen.

ARLINGTON, TEXAS - JANUARY 14: Dak Prescott #4 of the Dallas Cowboys throws a pass during the NFC Wild Card Playoff game against the Green Bay Packers at AT&T Stadium on January 14, 2024 in Arlington, Texas. (Photo by Richard Rodriguez/Getty Images)

Contract Details Top Salary Structure

And it is done now.

This deal is breaking ceilings of the NFL's salary structure.

Prescott becomes the NFL's highest-paid player, as he now averages $60 million per season on an annual average basis. That surpasses the $55 million per year annual average that Joe Burrow got in 2023 when he signed his extension, and Lawrence got on June 13 when he similarly signed his extension. 

Prescott also becomes the NFL's highest-paid quarterback, which is obvious if you read the previous paragraph, but just in case.

The total guarantee surpasses the $230 million in total guarantees the Cleveland Browns gave Deshaun Watson three seasons ago.

This is all a huge win for Prescott and his agents.

SANTA CLARA, CALIFORNIA - JANUARY 22: Brock Purdy #13 of the San Francisco 49ers runs off the field after defeating the Dallas Cowboys 19-12 in the NFC Divisional Playoff game at Levi's Stadium on January 22, 2023 in Santa Clara, California. (Photo by Lachlan Cunningham/Getty Images)

Who Can Challenge $60M Per Year?

This extension vaults Prescott from being tied as the NFL's 12th highest-paid quarterback, averaging $40 million per season, and also relieves the Cowboys of some of the considerable cap charge they would have carried this season without any extension.

Prescott was scheduled to cost the Cowboys $55.1 million against the cap in 2024 without that extension. The new number will be understood when full details of the contract are known.

So now that Prescott got his deal and got the annual average for a top player is indeed $60 million, the question remains who else might reach that milestone. 

Depending on how he plays in 2024, perhaps Brock Purdy with the 49ers might come close next year. And C.J. Stroud definitely will make an attempt on that $60 million mark in a couple of years if he continues to play as he did in 2023 as a rookie.