Should Jerry Jones offer $50,000,000 contract extension to Dak Prescott - Pros and cons of huge gamble explored
Dak Prescott and the Dallas Cowboys suffered a shocking wild card round loss to the Green Bay Packers. Instead of preparing for the divisional round, he will take a breather before returning to the grind for the final season under his four-year, $160 million contract.
In that case, Cowboys owner Jerry Jones must ponder Prescott’s future, aside from determining Mike McCarthy’s fate as head coach. Prescott will be a free agent after the 2024 season, where he will earn a $29 million base salary and count for $59.45 million against the cap.
Like what transpired when Prescott agreed to his current deal, his agent will base their demands on prevailing quarterback market prices. In that case, should Jones offer a contract based on market trends? Or did the loss to Green Bay diminish the contract value Prescott can command?
The case for Dak Prescott getting a $50 million annual contract price
With quarterback contracts escalating during the 2023 offseason, Dak Prescott’s next contract won’t come cheap. A $50 million yearly value makes sense when other deals are considered.
Joe Burrow has the most lucrative contract in terms of annual value at $55 million. Justin Herbert trails him at $52.5 million, while Lamar Jackson’s new deal averages $52 million yearly. Jalen Hurts ranks fourth at $51 million, while Russell Wilson is fifth at $48.5 million.
Prescott’s agent, CAA Sports’ Todd France, can solidly argue for a $50 million annual bill based on those numbers and the recent accomplishments of the other signal-callers mentioned.
Burrow and Hurts have brought their respective teams to the Super Bowl, while Jackson is a former NFL Most Valuable Player. Herbert is an up-and-coming quarterback for the Los Angeles Chargers who’s had a 5,00-yard passing season and a playoff stint.
Meanwhile, Wilson and the Denver Broncos missed the playoffs for the second consecutive season despite his massive price tag. Though they are one-and-done, making the 2023 postseason makes it fair for Dak Prescott to command a $50 million average.
Likewise, there are other reasons Jerry Jones should make that offer to Prescott’s camp.
1) It’s hard to find consistency in the NFL
While making the playoffs once is already an impressive achievement, every NFL team aspires to make the postseason consistently. Prescott has delivered that for the Dallas Cowboys, especially during the last three seasons.
Dallas finished at 12-5 for the third straight year. Playing consequential games late in the season constantly engages their fanbase, enticing them to purchase tickets during home games. The winning brand parlays into soaring merchandise sales and lucrative business contracts.
Given the revenue the Cowboys pull in annually, Dak Prescott’s $50 million annual value is a small part of the money he helps bring into the team by reaching the playoffs yearly.
2) Prescott had solid numbers this year
The former Mississippi State standout finished the regular season third in passing yards (4,516) and first in touchdown passes (36). Prescott is also tied for the second-fewest interceptions (9) among quarterbacks who played in all 17 regular season games.
There are no guarantees the Cowboys will get that production if they get a young but talented quarterback. Doing so could set them back against their NFC East rivals, primarily the Philadelphia Eagles.
3) They can structure Prescott’s contract to be more cap-friendly
While Dak Prescott could average $50 million a year on his next contract, the team can defer more money to the latter years. That way, they remain competitive by maintaining their salary cap flexibility, helping them keep other key players.
Why Jerry Jones shouldn’t give Dak Prescott a $50 million-a-year contract
Despite his successes since becoming the Cowboys starting quarterback in 2016, a case can still be made against Dak Prescott earning a massive payday. Here are some of the glaring reasons that Jones might consider.
1) He has consistently come up short during the playoffs
Pro Football Talk’s Charean Williams relayed Prescott’s statement that he should also be accountable if McCarthy is on the hot seat. Unfortunately, this recent playoff loss will magnify his failures during these crucial matches.
Prescott has a 2-5 postseason record and never made it to the NFC Championship Game. The Cowboys have given him several opportunities, and he couldn’t deliver. Therefore, there’s no sense in giving him $50 million annually if his playoff woes persist.
2) The Cowboys must pay their other marquee players
Aside from Dak Prescott, the Cowboys must also gear up for the impending contract extensions of CeeDee Lamb and Micah Parsons. Their prices have gone through the roof after being named All-Pros this season.
Dallas exercised Lamb’s fifth-year option, earning him $17.9 million in 2024. He will become a free agent next season without an extension in place. Lamb’s sensational 2023 campaign makes it fair for his camp to establish an asking price comparable to Davante Adams’s and Tyreek Hill’s contracts.
Meanwhile, 2024 will be the final year of Parsons’ rookie contract, and the Cowboys haven’t exercised their fifth-year option for him. He is eligible for contract extension talks after finishing his third NFL season, and he will command a high price after finishing with double-digit sacks in 2023.
3) Prescott isn’t up to the task of delivering a Super Bowl to Dallas
The roster they’ve had this season makes them Super Bowl favorites. Aside from having the league’s highest-scoring offense, they also have a top-ten defense led by Parsons. Despite those regular season achievements, their promising campaign ended in disaster.
Dak Prescott gets the lion’s share of the blame after throwing two interceptions, including a pick-six to Darnell Savage. The game’s complexion could have been different without those turnovers.
Instead of re-signing him, the Cowboys might be better off trading or cutting him after June 1 to distribute his $59.4 million cap hit over two seasons.