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After two years of off-again, on-again negotiations, it has finally happened. The Dallas Cowboys and Dak Prescott have agreed to a long-term contract less than 24 hours before the deadline to place a second-consecutive franchise tag expired.
Details of the new agreement will be announced at a joint press conference on Wednesday that will undoubtedly include owner Jerry Jones, executive vice president Stephen Jones, and head coach Mike McCarthy.
Announcement from the Cowboys:
“The Cowboys agreed to terms on a new contract with quarterback Dak Prescott on Monday. Further information and details will be released at a formal press announcement on Wednesday.”— Rob Phillips (@robphillips3) March 8, 2021
Drafted in 2016, Prescott has been the Cowboys’ starting quarterback since opening day, and he had started every game until a season-ending injury occurred in Week 5 last season against the New York Giants. At the time, he was on a pace to shatter the NFL’s passing yardage mark. He has made two Pro Bowls in his career and now it appears he will remain in Dallas for at least the next several seasons.
If a deal hadn’t been struck, the Cowboys were intent to place another tag on Prescott, which would have secured his services for another year. The sides would’ve had until July 15 to continue negotiating on a deal, but he would immediately count $37.69 million against the cap, 120% of his $31.4 million salary in 2020.
Now, his cap hit will be a lot lower thanks to what is likely a sizable signing bonus that will be prorated across the number of years in the deal, spreading out the cap hit.
Last year, the sides disagreed on the number of years in the agreement, with the Cowboys preferring a longer deal which would allow them to spread out the cap hit. Prescott was in favor of a shorter deal which would allow him to hit the open market again in the early years of the coming new television deals. Those will infuse a tremendous amount of money into league revenue of which each year’s cap is based off.
It appears with TV deals currently being negotiated, both sides were able to land on a number and length that made sense for each.
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