The Dallas Cowboys have reduced some stress on their finances, by adjusting the deal of Dak Prescott.
The Cowboys have reportedly gained around $4 million in cap space for the 2024 season by converting Prescott’s $5 million roster bonus into a signing bonus. Dallas also extended the contract by two extra years to help with the cap.
According to Yates, the Cowboys can still negotiate a contract extension with Prescott this year, to further increase their financial flexibility.
Prescott has a strong position in contract extension discussions, as he had a successful 2023 regular season and the Cowboys must significantly reduce his cap number for the 2024 and 2025 seasons.
In the next off-season, the Cowboys are projected to have about $87 million in cap space, but Prescott takes up 13.4% of Dallas’ cap space and is expected to count $36.4 million against the cap.
In 2023, Prescott achieved a career-high 69.5% completion rate, 4,516 passing yards, 36 touchdowns, and nine interceptions, resulting in a 105.9 passer rating while leading the Cowboys to an NFC East title.
However, Dallas’ disappointment in the NFC Wild Card game raises significant questions about Prescott’s ability to lead successful playoff games and likely complicates negotiations with the franchise.
The decision on whether the Cowboys will extend Prescott’s contract, to both create cap space and show commitment to him despite concerns about his playoff performances, is uncertain.
What Is the Cowboys’ Cap Space Situation After Dak Prescott's Adjustment?
Considering the financial difficulties the Cowboys face, it’s hard to imagine this being the only adjustment made to Prescott’s contract.
Especially since, even after converting Prescott’s roster bonus into a signing bonus, the Cowboys only have around $8.06 million in cap space, which is the fourth lowest in the NFL.
The Cowboys have largely refrained from participating in the early stages of free agency, partly because prior to this minor modification to Prescott’s deal, Dallas had just over $4 million in spending flexibility. Dallas will probably need to make further adjustments to increase cap space, in order to continue pursuing players in the next phase of free agency and to sign the franchise’s 2024 draft class.
Dak Prescott Welcomes First Child
The Cowboys’ quarterback and his girlfriend Sarah Jane Ramos recently celebrated the birth of their first child, a daughter named Margaret Jane Rose Prescott.
The couple wrote a caption on an Instagram post: “Being your parents is the biggest blessing life has to offer and we are so fortunate that you are ours! Welcome into this world, baby girl, you will always be loved and protected! We are so IN LOVE with you.”
“Yeah I feel different,” Prescott recently told reporters, via Sports Illustrated, of becoming a father. “Especially wake up in the morning, you see that baby and understand the responsibilities. Everything that I’ve always wanted for myself, but to want that for somebody else even more. It’s special. Everybody’s healthy and at home. We’re blessed.”
