NFL insider says Cowboys preparing to make Dak Prescott among highest-paid quarterbacks

The Dallas Cowboys are reportedly preparing to make quarterback Dak Prescott among the highest-paid quarterbacks in the league within the next few weeks. According to NFL insider Ian Rapoport, Jerry Jones’ squad will sign the former fourth-rounder to an extension before the free agency period begins.

“The Dallas Cowboys have a real deadline for Dak Prescott,” Rapoport shared before Super Bowl LVIII. “This should make him one of the highest-paid quarterbacks in the NFL. The Cowboys are going to want to go into free agency with maneuverability, they want to be able to sign guys, so they need to lower that cap number. The expectation is that the Cowboys will do a deal before free agency.”

Prescott was an MVP candidate this past season, throwing for 4,516 yards and 36 touchdowns, with only nine interceptions. He also rushed for 242 yards and two scores. He finished second in the voting for MVP behind winner Lamar Jackson.

Not only does the team believe in Prescott as the answer at quarterback, they also have little choice. The quarterback’s contract slams them with a nearly $60 million cap hit for 2024 and it includes no-trade and no-franchise tag clauses. His current contract has him as the 10th highest-paid QB in the league. His new deal could pay him upwards of $50 million a season.

Dallas ready to extend star QB

With that said, it’s also understandable that some Dallas fans are frustrated. Prescott was outplayed by Jordan Love in the playoffs as the Packers earned a 48-32 win. Still, it seems as though the Cowboys are sticking with Prescott, not only for 2024, but for years to come.

Head coach Mike McCarthy told reporters at the end of the season that Dallas is dependent on Prescott moving forward. He also claimed to have “unbelievable belief” in the eight-year veteran.

“I have unbelievable belief in Dak, I think he clearly has another step,” McCarthy said. “Think the offense has suited him well. It’s a system built on making a QB successful. The growth opportunity we both see in the future is something we’re excited about.”

More on the 2024 NFL offseason, free agency

The NFL 2024 calendar year begins at 4 p.m. ET on March 13. At that time, contracts running through 2023 officially run out, making those players free agents. Prior to the beginning of free agency, teams will have a chance to designate one franchise or transition tag player, starting on Feb. 20 at 4 p.m. ET and ending on March 5. Beginning March 11 through March 13 teams can enter into a legal negotiation with players who are will become unrestricted free agents.

In addition to NFL free agency, the new year also marks the beginning of all trades being made official by the league office. April 19 marks the deadline to sign restricted free agents to offer sheets. On April 24, the deadline for teams to match restricted free agent offers sheets hits. Following the restricted free agent deadline follows the 2024 NFL Draft, which runs from April 25-27.

Dallas has a lengthy list of upcoming free agents to consider re-signing and multiple stars who are looking for contract extensions. The list of the Cowboys’ top upcoming free agents includes Tyron Smith, Tony Pollard, Stephon Gilmore, Tyler Biadasz, Dorance Armstrong Jr., Jayron Kearse, Jourdan Lewis, Johnathan Hankins, Neville Gallimore, Dante Fowler Jr., Chuma Edoga, Noah Igbinoghene and Rico Dowdle.