- PREMIUM
- HOME
- NFL
Popular Pages
Transactions
Trending Players
AFC East
AFC North
AFC South
NFC East
NFC North
NFC South
- NBA
Popular Pages
Transactions
Trending Players
Southeast
Atlantic
Southwest
Northwest
- MLB
Popular Pages
Transactions
Trending Players
AL East
AL Central
NL West
NL East
- NHL
Popular Pages
Transactions
Trending Players
Atlantic
Pacific
- WNBA
Popular Pages
Transactions
Trending Players
Eastern
- EPL
Popular Pages
Transactions
Trending Players
- MLS
Transactions
Trending Players
Eastern
ATL Atlanta UnitedAtlanta United FC
MTL MontrealCF Montreal
CLT CharlotteCharlotte FC
CHI FireChicago Fire
CLB Columbus CrewColumbus Crew
DC UnitedD.C. United
CIN CincinnatiFC Cincinnati
MIA Inter MiamiInter Miami FC
NSH NashvilleNashville SC
NE RevolutionNew England Revolution
NYC New York CityNew York City FC
RBNY Red BullsNew York Red Bulls
ORL Orlando CityOrlando City
PHI UnionPhiladelphia Union
TOR TorontoToronto FC
Western
ATX AustinAustin FC
COL RapidsColorado Rapids
DAL DallasFC Dallas
HOU DynamoHouston Dynamo
LA GalaxyLA Galaxy
LAFC Los AngelesLos Angeles FC
MIN MinnesotaMinnesota United FC
POR TimbersPortland Timbers
RSL Real Salt LakeReal Salt Lake
SJ EarthquakesSan Jose Earthquakes
SEA SoundersSeattle Sounders FC
SKC Kansas CitySporting Kansas City
STL St. Louis CITYSt. Louis CITY SC
VAN WhitecapsVancouver Whitecaps FC
- NWSL
Popular Pages
Transactions
Trending Players
ACFC Angel City FCAngel City FC
BFC Bay FCBay FC
CHI Chicago Red StarsChicago Red Stars
HOU Houston DashHouston Dash
KC Kansas City CurrentKansas City Current
NJNY NJ/NY Gotham FCNJ/NY Gotham FC
NC North Carolina CourageNorth Carolina Courage
ORL Orlando PrideOrlando Pride
POR Portland Thorns FCPortland Thorns FC
LOU Racing Louisville FCRacing Louisville FC
SD San Diego Wave FCSan Diego Wave FC
SEA Seattle Reign FCSeattle Reign FC
UTA Utah Royals FCUtah Royals FC
WAS Washington SpiritWashington Spirit
- GOLF
Popular Pages
Trending Players
- TENNIS
ATP
WTA
- RACING
NASCAR CUP
FORMULA 1
- OLYMPICS
The Cowboys' Financial Options with Dak Prescott
![](https://d1dglpr230r57l.cloudfront.net/images/xlarge/USATSI_21844113_168390303_lowres.jpg)
Another early postseason exit has Cowboys Nation up in arms, but with news that Head Coach Mike McCarthy will be returning for the 2024 campaign, the immediate offseason focus turns to QB Dak Prescott. We’ll outline a few options that Dallas possesses with their current QB1 in the coming weeks.
Do Nothing
Prescott is entering a contract year in 2024, set to earn $34M cash against a whopping $59.455M cap hit. This represents 24.5% of the projected $242.5M league salary cap for next season (Aaron Rodgers’ league high $40.3M cap hit in 2023 represented 17.9% of this past season’s cap).
Highest Single Season Cap Hits
- Matt Ryan (2022, IND), $40,525,000 (19.4%)
- Aaron Rodgers (2023, GB), $40,313,568 (17.9%)
- Ryan Tannehill (2022, TEN), $38,600,000 (18.5%)
- Patrick Mahomes (2023, KC), $37.1M (16.5%)
- Jimmy Garoppolo (2018, SF), $37M (20.8%)
In other words, 24.5% of the league cap would be significantly higher than any team has ever allocated before.
Process a Mini Conversion
There are two elements to Dak Prescott’s cash output for 2024, a $29M base salary, & a $5M roster bonus, set to be paid out March 17th, 2024.
Dak’s contract already contains $36,460,000 of dead cap in 2025 once the contract voids. Any sort of cap conversion will only add to this figure, so if Dallas’ plan may be to move on from Prescott after the 2024 season, they’ll want to tread lightly in this regard.
By converting the $5M roster bonus + $10M of the base salary into a signing bonus, spread out over 5 years (2024 + 4 void years), Dak’s cap hit for next season can drop from $59.455M down to $47.4M, or 19.4% of the projected league salary cap. This maneuver increases the voided dead cap in 2025 from $36.46M to $48.46M. Sounds like a lot (and it is), but keep in mind that the 2025 league salary cap should be in the $260M range, keeping things within compliance from a percentage standpoint.
This option would be the best way for Dallas to manage their roster in 2024 without investing any more guaranteed cash to Dak Prescott.
Process a Full Conversion
If the Cowboys are hesitant to extend Dak this offseason, but still want to maximize their ability to build out a roster around him in 2024, they can process a complete base salary & roster conversion.
This involves lowering his $29M base salary down to a league minimum $1.21M, converting the remaining $27.79M + his $5M roster bonus into a signing bonus.
The move results in a cap decrease from $59.455M down to $33.223M, a savings of $26.2M for the upcoming season. 2024’s pleasure becomes 2025’s pain however, as the dead cap hit waiting when the contract voids has now increased to $62.7M (nearly 25% of the projected salary cap).
This option should only be on the table if the Cowboys are more than likely to extend Dak Prescott before his contract voids (2 days prior to the 2025 league year), but want to wait until the very last possible moment to actually do so (See: The Negotiation Timeline for Dak’s 1st Extension)
Negotiate an Extension
Here’s the thing. Dak Prescott knows a few things that don’t really need to be said out loud.
- His current cap hit is a problem for the Cowboys, and must be adjusted somehow
- A viable replacement QB is not currently on the Dallas roster (despite Trey Lance’s draft projections)
- Based on the void timing & structure of his current contract, if the Cowboys don’t extend Dak this offseason, he will walk into the open market next March - barring an offer that goes above and beyond to prevent him from doing so.
So what does an “above & beyond” offer look like right now? Something like $60M per year, $115M guaranteed, and only 3 new years - allowing Dak to be right back in this situation again before he hits 35 years old.
This is the most expensive option (obviously), but also the most logical one. Dak was a leading MVP candidate for much of the 2023 regular season. The coaching staff may turnover in the next 18-24 months, but it seems unlikely that the QB will as well.
Trade Dak this Summer
It’s only here because it’s an option, & I promised you the options Dallas has available to them. Trading Prescott before June 1st means a dead cap hit of $61.9M (a $2.4M cap loss). So that leaves us with a Post June 1st transaction here.
- Problem #1: His $5M roster bonus gets paid March 17th
- Problem #2: 2024 draft picks wouldn’t be included in the trade
- Problem #3: Dallas would be freeing up $34M in cap space in June, after all of the free agents have been snatched up.
- Problem #4: Trying to trade a player on an expiring contract who will require nearly $200M from his new team at the last minute doesn’t exactly lead to great return value. Once everyone knows you need to trade a player, you might as well start cutting your asking price in half.
- Problem #5: Dak is a great quarterback, in a league that requires a great quarterback to win. Finding another great quarterback isn’t something you can just say you’re going to do - and then do.
Concluding Thoughts
Not much left to be said here. Dallas dragged out Dak Prescott’s first go around at a veteran contract and were forced into a truncated, high-cash structure. That’s exactly where things stand again just 3 years later, so the only likely option is a smaller than usual, top of the market QB extension. Dak and the Cowboys agree on a 3 year, $175M extension, with the largest signing bonus in NFL history (Lamar, $72.5M).
Dallas keeps their QB1, frees up significant 2024 cap space, & locks in WR CeeDee Lamb to pair up with Dak for the next 3 years fully guaranteed. 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.
CATEGORIES
- NBA 105
- NFL 67
- GOLF 50
- NWSL 30
- MLB 22
- NHL 1
AUTHORS
- Michael Ginnitti NFL, MLB
- Keith Smith NBA
- Scott Allen Contributor
- Taylor Vincent NWSL
![](https://d1dglpr230r57l.cloudfront.net/images/crop/4466_gotham-20240726.png)
Gotham FC Signs Youngest Ever Player in NWSL
Gotham FC signed the youngest ever player in the NWSL - 13 year old Mak Whitman
![](https://d1dglpr230r57l.cloudfront.net/images/crop/4451_USATSI_23779303_168390303_lowres.jpg)
The 2024 MLB Trade Deadline Primer
With the July 30th trade deadline approaching, Spotrac has identified dozens of players rumored as potential moves this week, including deadline salary, future contract status, & a team tax update.
![](https://d1dglpr230r57l.cloudfront.net/images/crop/4461_DSC07805.jpg)
San Diego Wave Sign Delphine Cascarino
San Diego Wave sign Delphine Cascarino through the 2026 NWSL season with a mutual option for 2027
![](https://d1dglpr230r57l.cloudfront.net/images/crop/4462_USATSI_23744008_168390303_lowres.jpg)
Central Division Summer League Notes
Keith Smith dumps out his Summer League notebook for the Central Division.
![](https://d1dglpr230r57l.cloudfront.net/images/crop/4460_USATSI_20326861_168390303_lowres2.jpg)
Meet the NWSL’s NTRPs
Let's meet the NWSL's National Team Replacement Players as the Olympics begin their play.
TRENDING PLAYERS
- 1 Jordan Love (QB, GB)
- 2 Patrick Mahomes (QB, KC)
- 3 Tua Tagovailoa (QB, MIA)
- 4 Dak Prescott (QB, DAL)
- 5 Trevor Lawrence (QB, JAX)
TRENDING PAGES
- 1 NFL Contracts
- 2 NFL Salary Rankings
- 3 NFL Free Agents
- 4 NFL Rankings
- 5 NFL Cap Tracker