Dallas Cowboys quarterback Dak Prescott. Kevin Jairaj-USA TODAY Sports

Dak Prescott to reset the QB market?

By Clark Dalton | Last updated 2/21/24

Will the Cowboys have to hand out the richest QB contract in history to retain Dak Prescott?

It certainly sounds like it.

Per Bleacher Report's Jordan Schultz, Prescott— entering the last year of his contract — will "reset the QB market," commanding a deal worth $60M per year. The highest-paid player in the league is Cincinnati Bengals QB Joe Burrow, who earns $55M annually.

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Spotrac estimates the three-time Pro Bowler's market value is a four-year deal worth $50.8M annually, so this would be an overpay. However, the 30-year-old has leverage in negotiations with the Cowboys. His contract contains a no-trade and a no-tag clause.

Extending Prescott clears more cap room for the team, saving $26.2M, per OTC. The Cowboys are $16.1M over the cap, meaning they can't extend their best players. Star wide receiver CeeDee Lamb — who led the league in receptions (135 in 17 games) — is entering the final year of his deal.

Dallas could use one of the void years (2025 and 2026) on Prescott's contract, converting his salary into a signing bonus. This would save $18.5M. It's worth mentioning that this counts toward the team's 2025 salary cap.

Prescott's playoff record (2-5) is a concern. According to CBS Sports' Jeff Kerr, he's tied with Alex Smith and Billy Kilmer for the worst postseason record in league history (min. five starts). Former NFL executive and 33rd Team contributor Jeff Diamond suggested adding playoff incentives to his new deal as a carrot.

Prescott led the league in TD passes (36 in 17 games) and finished second in MVP voting. Keeping him is costly but worthwhile for the Cowboys if he continues to play at a high level, but the value of any deal will be judged on whether he can lead the team to its first Super Bowl title in 28 years.

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