The Dallas Cowboys have been working to finalize a long-term deal with Quarterback Dak Prescott for quite awhile. With the July 15th deadline vastly approaching, it was reported by ESPN's Adam Schefter on Sunday that Prescott intended to sign the exclusive franchise tender that would pay him 31.4 million.
On Monday, Prescott put ink to paper and locked himself in for 2020. In a surprising move, he took to Instagram to celebrate signing his tender with a picture of himself in uniform and a Cowboy hat, tipping his cap so to speak to the organization and fan base and putting to bed any doubts about his commitment going forward.
Prescott is now set to be the seventh-highest paid quarterback in the NFL in terms of average annual salary in 2020. The only players at the position that will make more will be Russell Wilson ($35 million), Ben Roethlisberger ($34 million), Aaron Rodgers ($33.5 million), Jared Goff ($33.5 million), Kirk Cousins ($33 million), and Carson Wentz ($32 million).
Now that he's set for the upcoming season, what's next?
Even though he's been absent from the Cowboys virtual offseason, there hasn't been any rift between Prescott and the organization during negotiations. The final sticking point to secure this deal is the length of the contract, with the Cowboys wanting a five-year deal to spread out finances and Prescott wanting a four-year deal in order to cash in again under the new salary cap structure provided by the new CBA and new television deals.
The latest offer from the Cowboys was reportedly a five-year, $175 million deal with $106 million in guaranteed money, which averages out to $35 per year, putting Prescott on par with the aforementioned Wilson. In order for the Cowboys to lock in Prescott on a five-year deal, they'll likely have to increase the guaranteed money, considering Prescott wants to renegotiate in the next 2-3 years once the salary cap explodes with the new television revenue.
Deadlines make deals so you can expect talks between the organization and Prescott to ramp up before the July 15th deadline. The tag number for quarterbacks in 2021 is around 37.7 million so it's important for the Cowboys to get their guy secured for the long haul.
One thing we know is that Prescott is on board for the upcoming season. Now, there's nothing more to do than to patiently wait through the final stage of negotiations between the two sides which by all indications will end in a lucrative long-term deal for Prescott.