Dallas Cowboys restructure Dak Prescott’s contract, create salary cap space

Dallas Cowboys Optimize Cap Space with Strategic Dak Prescott Contract Restructure

The Dallas Cowboys have made a strategic move with quarterback Dak Prescott’s finances, converting his $5 million roster bonus into a signing bonus. This financial maneuver has freed up $4 million in salary cap space for the year 2024. This information comes from a source familiar with the team’s financial decisions. Prescott was set to receive this $5 million roster bonus on Monday.

In addition to this financial adjustment, the Cowboys have extended Prescott’s contract by adding two more voided years, extending it through 2028.

Prescott’s adjusted cap hit now stands at $55.455 million. This figure keeps him as the second highest-paid NFL player in terms of cap hit, trailing only behind Cleveland’s Deshaun Watson, who has a cap hit of $63.9 million. Prescott’s cap number is higher than that of Arizona’s Kyler Murray, who has a cap hit of $51.4 million.

For the 2024 season, Prescott is slated to earn a base salary of $29 million.

Cowboys executives have openly expressed their desire to extend Prescott’s contract further, although they have not specified when they plan to do this. Stephen Jones, the team’s executive vice president, mentioned last week that Prescott has shown a willingness to collaborate with the team regarding his contract. Jones highlighted the productive discussions they’ve had with Prescott, emphasizing the quarterback’s commitment to the team. However, Jones preferred to keep the details of their negotiations private, including any specific timelines, underscoring that securing Prescott’s future with the team is a top priority.

The team is also in negotiations with linebacker Micah Parsons and wide receiver CeeDee Lamb, who are both seeking new contracts. Lamb is approaching the final year of his initial rookie contract.

The Cowboys have been vocal about their salary cap challenges this offseason. They have been actively seeking ways to alleviate these financial constraints through various decisions. One significant move was the release of receiver Michael Gallup last week, which is expected to create $9.5 million in cap space. However, these savings will not be realized until after June 1.

In other team news, the Dallas Cowboys are anticipated to promote defensive backs coach Al Harris to the position of assistant head coach. Additionally, there’s buzz around the team’s free agency moves, including plans involving Tyron Smith and Aaron Rodgers with the Jets.

For more detailed coverage on the Dallas Cowboys, you can visit The Dallas Morning News website.