Dak Prescott is on the verge of striking gold, but he's finding those last few steps to secure his life-altering extension somewhat difficult.
That's often the way it is with lucrative contracts and extensions, especially when players and agents want to play the makeup game (as in making up for being the NFL's most underpaid player over the first three years of Prescott's career when he earned $2.7 million while quarterbacking Dallas to two NFC East titles).
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The most critical factor in contract negotiations is leverage. In the case of the Cowboys vs. Prescott, I say the leverage leans slightly toward the quarterback.
I see this deal likely getting done in the next few weeks before the Cowboys open training camp on July 27. I expect Prescott to be extended four years with the new money to fall between the $128 million ($32 million per year) Carson Wentz got in the extension he signed with the Eagles last month, and the $140 million ($35 million per year) that Russell Wilson received from Seattle in April — the current NFL-salary benchmark.
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What complicates the situation is that Prescott is under contract for $2.025 million this season in the final year of his vastly under market rookie deal that he signed as a fourth-round pick in 2016. If the Cowboys hierarchy of Jerry and Stephen Jones agree to pay Prescott $132 million per year ($33 million per year), his total compensation over the next five years — including this season — would then amount to $134 million or $26.8 million per year which is certainly a terrific contract. It would also be above the $25.7 million per year in Wentz's total comp since he had two years remaining on his rookie contract plus the four new years.
As a former NFL general manager and team president who negotiated player contracts for 20 years, I understand the Joneses' position that they want to pay Prescott his market value going forward, but will not tear up the last year of his current contract. That's how all of the recent quarterback extensions — including Aaron Rodgers, Wilson and Wentz — have gone down.
The Cowboys can argue that if Prescott's demands are above their perceived fair market value, they can force Prescott to play out his rookie deal and then slap the franchise tag on him at an estimated $30 million next February.
That's not chump change, but Prescott's goal is to hit the $100 million level in guaranteed money that other major QB deals are commanding. The franchise tag route prevents that in the short term while opening him up to the injury factor which could torpedo his long term deal.
So Dallas has the most leverage in this negotiation, right? Not so fast. The Joneses have to factor in that Prescott could feel unappreciated and discontented — a la Kirk Cousins in his later Washington years — if he is forced to wait until next year to get his deal done. Not to mention the franchise tag possibility hanging over him could affect his play.
And how does that scenario play out in the Cowboys locker room among other players if Prescott, who has played well as a former Offensive Rookie of the Year and two-time Pro Bowler could and has emerged as a team leader, is not rewarded with a new deal?
I always felt that the last player I wanted to get into a knock-down, drag-out negotiation with was our starting quarterback.
In my current role working with an NFL agent group, now sitting on the other side of the negotiating table, I appreciate the concern of Prescott's camp that his new deal may become quickly outdated. Once Patrick Mahomes breaks the bank and probably approaches $40 million per year in a new deal within the next couple years, Prescott’s deal will become a thing of the past.
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Ultimately, Prescott can embrace the Tom Brady approach of taking a little less money to allow the team to build a better supporting cast around him. In this way, Prescott would help the Cowboys have the salary cap room to extend his running mate Ezekiel Elliott (if he can manage to stay out of trouble in the future) and his go-to wide receiver Amari Cooper, who played a major role in helping Prescott up his game over the last nine games of the 2018 season and into the playoffs.
Prescott also has a vested interest in seeing the Cowboys return their offensive line to the form it had in his first two seasons when it was among the league's best. Last year the Cowboys O-line allowed Prescott to be sacked 56 times, second worst in the league (after allowing just 32 sacks in 2017). Dallas also had the NFL's second-best rushing attack that year before falling to 10th last season).
The future looks bright for Prescott who brings the dual threat of passing (67 career touchdown passes vs. 25 interceptions and a 66 percent completion percentage) and running ability (18 career rushing touchdowns including a game-clinching score in last year's playoff win over Seattle).
He's deserving of an extension with new money that, based on comparable accomplishments, would be above players such as Wentz, Jimmy Garoppolo ($27.5 million per year) and Kirk Cousins ($28 million per year).
Jerry Jones has insisted over the past year that Prescott will be the Cowboys' long term QB with a nice extension ahead. For the sake of the Cowboys and Prescott, it's best if a new deal is accomplished sooner rather than later.
