Cap expert predicts contract extension for Dak Prescott

NFL salary-cap expert and Spotrac co-founder Michael Ginnitti believes the Dallas Cowboys ultimately will sign quarterback Dak Prescott to “a smaller than usual, top of the market” contract extension this offseason. 

“Dak and the Cowboys agree on a three-year, $175M extension, with the largest signing bonus in NFL history,” Ginnitti predicted. 

According to Joel Corry of CBS Sports, Baltimore Ravens signal-caller Lamar Jackson received a historic $72.5M signing bonus as part of the five-year deal reportedly worth up to $260M with $185M in guaranteed cash Jackson inked last spring. 

While the Cowboys technically could do nothing and allow Prescott to play next season in a contract year, Ginnitti mentioned that the 30-year-old’s current deal is set to represent “24.5% of the projected $242.5M league salary cap” for the 2024 campaign. No club has ever before allocated so much percentage of its available cap in such a way. 

Ginnitti also pointed out that the Cowboys shouldn’t be in a hurry to part ways with Prescott even though the veteran is now 2-5 across seven career postseason starts. Prescott spent a portion of this past fall as a legitimate Most Valuable Player candidate who, per ESPN stats, ended the regular season ranked second in the NFL among qualified players with a 72.7 adjusted QBR, second with a 105.9 passer rating, first with 36 passing touchdowns and third with 4,516 yards through the air. 

Decreasing Prescott’s salary-cap hit for 2024 could allow Dallas to sign an extension with star wide receiver CeeDee Lamb that would keep the two as teammates for at least the next couple of years. 

“It leads to a few cap casualties throughout the roster, but for the most part, this Cowboys group runs things back in 2024, looking to last a little longer in the month of January this time around,” Ginnitti added about his suggested Prescott extension.

Cowboys owner and general manager Jerry Jones held onto Mike McCarthy as head coach despite McCarthy’s 1-3 postseason record with Dallas. Keeping McCarthy’s QB1 happy makes good business sense for all involved even if Prescott has plenty to prove as it pertains to games played in January.