Way is under contract through the 2020 season, so the odds of Irwin-Hill unseating him are not quite clear. As John Keim of ESPN.com (on Twitter) notes, Way ranked 13th in yards per punt (45.71) and 28th in net yards (39.02) in 2017 and has done a solid job overall over the last four seasons.
Naturally, as a punter, Way’s contract doesn’t have a ton of guarantees. If they feel strongly about Irwin-Hill, who has never punter in an NFL game, they can cut way with $750K in dead money on the cap.
Irwin-Hill spent last offseason with the Cowboys but ultimately lost out on that punting competition. He is an Arkansas product, which may have helped him get in with Jerry Jones.