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Latest On Dak Prescott’s Cowboys Deal

March 9th, 2021 at 7:52pm CST by Sam Robinson

The Cowboys used their franchise tag on Dak Prescott on Tuesday, but the move was procedural. Dallas did give Prescott the exclusive tag, per ESPN.com’s Field Yates (on Twitter), for the second straight year. However, the two-year saga is still ending. Prescott agreed to a four-year, $160MM extension Monday night.

This move will further protect Prescott against a future tag down the line. A third tag would bump up the quarterback’s price to an astronomical place. A third tag in 2022 would have cost the Cowboys more than $54MM. They finalized a deal Monday, rather than have his second tag price — $37.7MM — on their books going into free agency.

Players have been tagged three times before; Hall of Fame tackle Walter Jones played three seasons on the tag in the 2000s. But the system now calls for a 44% raise from the previous year’s salary. Dak’s extension contains a no-tag provision, but that applies only to this through-2024 deal. Tuesday’s second tag would make the prospect of the Cowboys tagging Prescott at the end of another contract effectively a non-starter. This will give Dak more leverage over the course of his career.

After counting $22.2MM against Dallas’ 2021 cap, Prescott will see his cap numbers spike to $33.2MM in 2022, $44.2MM in 2023 and $47.2MM in ’24, per OverTheCap. Prescott’s 2021 and ’22 base salaries ($9MM and $20MM, respectively) are fully guaranteed, with Joel Corry of CBS Sports noting the well-compensated quarterback will receive his full $66MM signing bonus — an NFL-record figure — by the end of 2021 (Twitter link).

The guaranteed base salaries and full bonus payout being due this year will give Prescott $95MM guaranteed at signing, making for another NFL record. Matt Ryan‘s $94.5MM full guarantee in 2018 previously topped that list. While Prescott’s 2023 salary ($31MM) is guaranteed for injury only, Mike Florio of Pro Football Talk notes it will shift to a full guarantee on the fifth day of the 2022 league year. TL;DR: Prescott is now a far richer man.

Prescott’s total guarantees ($126MM) fall short of Patrick Mahomes‘ ($141MM), and the Chiefs QB still leads the football world with his $45MM-per-year average. But Prescott’s contract has now set records for signing bonus, fully guaranteed money and Year 1 payment. While Mahomes is signed through 2030, Prescott will have the opportunity to cash in again — assuming his play level does not nosedive in the early 2020s — before turning 32.

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