In a groundbreaking deal just hours before their season opener against the Cleveland Browns, the Dallas Cowboys and star quarterback Dak Prescott have agreed to a four-year, $240 million contract extension, making Prescott the highest-paid player in NFL history. Sources confirmed to ESPN that the deal includes a record $231 million in guaranteed money, surpassing the previous high set by Deshaun Watson’s $230 million fully guaranteed contract with the Cleveland Browns.
The extension also sets a new benchmark in terms of average annual value (AAV), with Prescott earning $60 million per year. This figure eclipses the recent $55 million AAV contracts signed by Cincinnati’s Joe Burrow, Green Bay’s Jordan Love, and Jacksonville’s Trevor Lawrence. The Cowboys made the official announcement of the deal Sunday morning but declined to provide specific financial details. However, sources close to the negotiations revealed the historic terms.
The agreement ends weeks of intense negotiations between the Cowboys and Prescott, who was entering the final year of his previous four-year, $160 million deal signed in 2021. While contract talks appeared to stall earlier in the offseason, both sides worked diligently over the weekend to finalize a deal before the regular season began. The new extension ensures that Prescott will remain with the Cowboys through the 2028 season, cementing his place as the franchise’s cornerstone.
Averting a Salary Cap Crisis
The timing of the deal was crucial for the Cowboys. Without an extension, Dallas was facing a potential salary cap nightmare, with Prescott set to become a free agent next year. His previous contract included a no-trade and no-franchise-tag clause, which meant that Prescott could have hit the open market as a free agent with no restrictions. In a league where top-tier quarterbacks are highly coveted, Prescott would have likely attracted attention from multiple teams, driving up his market value even further.
By locking Prescott in through 2028, the Cowboys have not only secured their quarterback of the future but also avoided the complexities of navigating a potential free-agent bidding war or pursuing a replacement through the draft, free agency, or trade. The extension also follows another significant move by the team, as they recently made wide receiver CeeDee Lamb the league’s second-highest-paid receiver, also signing him through 2028.
A Path to Dallas’ Largest Contract in History
The road to this record-breaking deal wasn’t as long as Prescott’s previous contract negotiations, but it wasn’t without drama. Talks initially stalled earlier in the offseason, with both sides unable to find common ground on key contract terms. However, with the regular season looming, there was a renewed sense of urgency over the weekend. Both Prescott and Cowboys management worked feverishly to strike a deal, ensuring that Prescott would lead the Cowboys offense into the 2024 season without distractions.
This new contract surpasses Prescott’s previous deal as the largest in Cowboys history. It represents a substantial commitment from the team, which is banking on Prescott to lead them not just to regular-season success but, more importantly, to end the franchise’s nearly 30-year Super Bowl drought.
Prescott’s Legacy with the Cowboys
Prescott, now 31, has solidified his position as one of the most productive quarterbacks in Cowboys history. Last season, he threw for 4,516 yards and a league-leading 36 touchdown passes, making him a key figure in the team’s offense. With three Pro Bowl appearances under his belt, Prescott is already third on the Cowboys’ all-time passing yards list, trailing only legends Tony Romo and Troy Aikman. His 202 career touchdown passes rank second in franchise history, just behind Romo’s 248.
Since taking over as the starting quarterback in 2016, Prescott has led the Cowboys to five playoff appearances (2016, 2018, 2021-23), but postseason success has been elusive. Dallas has yet to advance past the divisional round with Prescott under center, and their most recent playoff exit came at the hands of the Green Bay Packers in the 2023 wild-card round, where Prescott threw for 403 yards and three touchdowns but also had two costly interceptions. The Cowboys are looking to Prescott to break the team’s long-standing playoff woes and return them to Super Bowl glory for the first time since 1996, when Aikman was at the helm.
The Weight of History and Expectations
The pressure on Prescott to deliver a championship is immense. The Cowboys haven’t reached an NFC Championship Game since the 1995 season, and their Super Bowl drought is now approaching three decades. Only the Washington Commanders have gone longer without an NFC title game appearance. Prescott has embraced this pressure, often speaking about the legacy set by Hall of Fame quarterbacks Roger Staubach and Troy Aikman, and his desire to bring a championship back to Dallas.
Off the field, Prescott is equally committed to making a difference in the community. His charitable organization, the Faith, Fight, Finish Foundation, has been involved in a variety of philanthropic efforts, and his leadership was recognized in 2022 when he was named the Walter Payton Man of the Year, the NFL’s most prestigious award for community service.
Securing the Cowboys’ Future
With Prescott and Lamb both locked into long-term deals, the Cowboys have secured two of their most important offensive pieces for years to come. The team now enters the 2024 season with optimism, knowing they have the talent and leadership to compete for a championship. For Prescott, the record-setting contract represents more than just a financial milestone—it is an affirmation of his importance to the Cowboys and a challenge to deliver the Super Bowl victory that has eluded the franchise for decades.
As the season kicks off, all eyes will be on Dak Prescott, the highest-paid player in NFL history, and his quest to lead the Dallas Cowboys back to the pinnacle of professional football.
