A week ago the Cowboys received an additional $10 million to their salary cap space. Now with at least $20 million to spend, why is Dallas seemingly hoarding this money instead of improving the roster for 2022?
The Cowboys' lack of aggression in free agency has been a frustrating off-season storyline. It's compounded by the fact that Dallas discarded useful veterans like WR Amari Cooper and OT La'el Collins to create some of this unused cap space.
It was Collins' release that created the $10 million received last week. La'el was designated as an early June-1st cut, giving him the freedom to find work elsewhere back in March but not allowing Dallas to benefit financially from the move until now.
There are plenty of ways that Dallas could bolster the roster through available free agents: upgrading depth at QB, TE, or offensive line immediately jumps to mind. But after nearly three months of free agency without much action and cap room to spare, why would things be any different now?
The Cowboys likely will add at least one veteran before camp; a late addition like Malik Hooker was in 2021 for a bargain. But their quiet free-agent activity up until now likely points to the future, as far as next season, for their true focal point.
Right now Dallas is projected to be well over the 2023 salary cap. This is largely due to Dak Prescott's contract but also big numbers from DeMarcus Lawrence, Zack Martin, Tyron Smith, Ezekiel Elliott, and Michael Gallup.
This projected overage is even after the Cowboys get roughly $14 million in dead money off the books. Currently carrying $22 million in dead money thanks to Cooper, Collins, Jaylon Smith, and a few other former Dallas players, that number drops to just around $8 million next year with the remainder of Collins' deal.
So why are we talking about 2023? A major factor in annual cap management now is the rollover of unused space from the previous season. Dallas' seemingly miserly approach now may be about preserving options and flexibility for next year.
Rolling over as much of their current space to 2023 as they can help the Cowboys breathe better in the next offseason. Perhaps it even allows them to keep a player like Ezekiel Elliott or Tyron Smith if they have bounce-back seasons in 2022, rather than being forced to part ways with one or both in the name of the cap.
This is why things aren't as simple as, “You've got the money! Spend it!” Sure, a more proven backup QB or TE2 could be a nice luxury compared to current options. But those upgrades come at a cost and, as we've outlined above, not just for the current season.
The Cowboys' modern-era conservatism with the salary cap can certainly be frustrating. We'll see if it holds for the remainder of this summer and how it impacts the team in years to come.
