Prior to the start of the 2021 league year, the Dallas Cowboys and quarterback Dak Prescott agreed to terms on a long-term contract.
With the new league year set to begin in over a week, all eyes were on the Dallas Cowboys and quarterback Dak Prescott. With Prescott scheduled to become an unrestricted free agent, the expectation was that the Cowboys would place the franchise tag on him for yet another year until they could negotiate a new deal by the mid-July deadline.
As it turns out, they did not need the mid-summer deadline.
The Cowboys announced, via NFL Media’s Mike Garafolo, that they have agreed to terms with Prescott on a long-term contract. A press conference is scheduled to take place this Wednesday.
Dak Prescott is getting paid
ESPN’s Adam Schefter reports that the Cowboys are giving Prescott a four-year, $160 million contract, with $126 million being fully guaranteed. The deal includes $66 million at signing and Prescott will make $75 million in the first year!
The #Cowboys announce they’ve agreed to terms on a new contract with Dak Prescott.
— Mike Garafolo (@MikeGarafolo) March 8, 2021
The deal can be worth up to $164 million, per source.
The deal includes $66 million to sign and $75 million in year one, the most in NFL history. https://t.co/bt7uBY2v7w
— Adam Schefter (@AdamSchefter) March 8, 2021
Prescott and the Cowboys tried to get a deal done last summer but failed to finalize things by the 4:00 p.m. ET deadline on July 15. Prescott then played the 2020 season under the $31.4 million franchise tag in hopes of getting a deal done in 2021.
Prescott’s 2020 campaign ended after five games when he suffered a compound fracture and dislocation of his right ankle in a game against the New York Giants. The injury looked devastating, and many thought Prescott missed out on a big-time contract. But given how the Cowboys played without him last season, his value actually increased.
NFL Network reporter Jane Slater noted during an appearance on The Dan Patrick Show last week that the quarterback was looking to get paid right behind what Patrick Mahomes earned with the Kansas City Chiefs. Mahomes is earning $45 million annually over 10 years. In Prescott’s current deal, he will earn an average of $42 million annually through the first three years of the contract
Through his five years in Dallas, Prescott has thrown for 17,634 yards, 106 touchdowns and 40 interceptions while completing 66 percent of his passes.
For once, there is no drama surrounding the Cowboys entering the new league year. They wanted to sign Prescott to a long-term deal, and they did so. Plus, Prescott is no doubt happy that he secured $160 million over the next four years. That makes this a win-win for both parties.