The Cowboys locked down one of their stars on Monday, but more questions remain for Jerry Jones and their front office.
After Dallas secured WR CeeDee Lamb on a four-year, $136 million extension per NFL Network, the team now can potentially start turning its attention toward extensions for quarterback Dak Prescott and defensive end Micah Parsons.
Prescott, who threw for 4,516 yards in 2023, will likely be the higher priority with more contract negotiation rumors over the past few months. Parsons, one of the game’s best defensive players, will certainly earn a massive upgrade in pay in the future, as well.
With Lamb set to remain in Dallas, here’s a breakdown of the Cowboys’ cap space and their other two stars’ potential extensions.
MORE: The details on CeeDee Lamb's contract extension
When does Dak Prescott’s contract end?
Prescott is due to become an unrestricted free agent in 2025, and would easily headline the potential quarterback class. Other quarterbacks set to become free agents in 2025 include Russell Wilson, Justin Fields, Sam Darnold, and Zach Wilson.
The longer the Cowboys wait to solidify an extension, the more leverage Prescott may have to get paid elsewhere next offseason.
With Lamb’s extension finished, Jones and the front office have under two weeks until the team’s attention fully shifts to the field for Week 1. Lamb’s extension also included a WR record $38 million signing bonus, which could help the Cowboys plan out Prescott’s own extension financially.
🚨 🚨 🚨
— Ian Rapoport (@RapSheet) August 26, 2024
The #Cowboys and All-Pro WR CeeDee Lamb agreed on a massive 4-year extension worth $136M, per me and @TomPelissero.
Lamb gets $100M guaranteed and a WR-record $38M signing bonus in a deal done by Tory Dandy of CAA. He’s the 2nd highest paid non-QB in NFL history. pic.twitter.com/QhfMpSErLd
In 2021, Dallas and Prescott agreed to a four-year, $160 million contract with a no-trade clause. Over the 2024 season, the quarterback will be making a $29 million base salary, per Over The Cap.
When does Micah Parsons’ contract end?
Parsons, meanwhile, would not become an unrestricted free agent until 2026 without an extension, explaining the urgency Dallas may feel to sign Prescott first.
However, should the Cowboys not manage an extension for the defensive end over the next two seasons, he’d become a superstar hitting the market in his prime — and he would be paid as such.
Per Over The Cap, Parsons’ rookie contract, which he signed in 2021, expires after the 2025 season. This season, he’ll make just over $2.9 million, and after Dallas picked up his fifth-year option earlier this year, he’ll make $21.3 million in 2025, if he doesn’t sign an extension by then.
Dak Prescott contract extension
As NFL Network insider Tom Pelissaro noted, with Lamb’s extension in the books, the attention is now turned toward Prescott.
Without factoring in Lamb’s new deal, Over The Cap estimates the Cowboys’ current total cap at $266 million.
As of Aug. 26, Joe Burrow, Jordan Love, and Trevor Lawrence are tied for the highest AAV ($55 million) for a quarterback in the NFL. Prescott could certainly top that number, or he could take a smaller pay cut to make sure he remains in Dallas.
On Sunday, ESPN’s Jeremy Fowler reported on SportsCenter that he expected the Cowboys to complete the Lamb deal first and then they would “try to get Prescott done before Week 1 as well and double down on these guys and spend a ton of money.”
“He’s well aware of how well he can do in free agency if he were to let this ride out,” Fowler said of Prescott.
The pressure is likely on Jones and Dallas over the coming days and weeks to lock up their star quarterback.
MORE: What’s next for Dak Prescott after the CeeDee Lamb deal?
Micah Parsons contract extension
With Prescott likely to get a deal first, a potential Parsons deal would be later, potentially next offseason.
In July, Parsons talked about a potential Cowboys extension, saying he wouldn’t ever want leave the organization and the “contract stuff will always take care of itself,” per ESPN.
“When you talk about career and legacy, I don't think there's a better career you can have than when you're playing for the star and you have a chance to be the best with the star and you retire a Cowboy," Parsons said. "You look at (Jason) Witten, you look at Michael Irvin, you look at Emmitt (Smith), you see they're still in the community, still active. The star holds so much weight and the legacy that brings.”
Between Lamb’s significant contract and the potential size of a Prescott deal, it could make things difficult for the Cowboys to complete a Parsons deal.
However, for a team worth over $10 billion and an owner not shy about spending money, it shouldn’t be doubted that they can pull off contracts for all three of their stars.