On the surface, CeeDee Lamb’s four-year, $136 million contract extension seems like a huge win for the Dallas Cowboys.
But after the initial fist-pumping and celebratory high-fives, one might realize the Cowboys aren’t out of the woods just yet because quarterback Dak Prescott will command an even larger contract extension than Lamb’s if re-signed, which in turn, might further complicate hammering out a long-term deal for star edge-rusher Micah Parsons next season as well.
Spotrac values Prescott’s market value around $55.1M per season, which is what his 2024 cap hit is, but some in league circles believe he could be the NFL’s first $60M-per-year player.
Dallas knows the longer Prescott goes unsigned, the more he’s going to cost in the long run, which is why the team is reportedly trying to get his deal done before the start of the regular season according to ESPN’s Jeremy Fowler.
“They’re going to try to get Prescott done before Week 1 and double down on both these guys and spend a ton of money,” Fowler said, via SB Nation. “It’s still unclear whether they can pull this off. Prescott…he’s well aware of how well he can do in free agency if he were to let this ride out, play well again, put up a huge QBR and then be there in March for $60M a year.”
The Cowboys have a little over $30M in cap space in 2025 and nearly $147M in 2026 once Lamb’s new money hits the books. There are ways Dallas can sign both Prescott and Parsons next offseason, but it involves getting creative.
For example, restructuring tackle Terrence Steele’s deal next year opens up $9M, cutting safety Donovan Wilsons post-June 1 creates $7M in cap space, and extending Parsons himself frees up around $16M. However, the real conundrum happens in 2026.
Parsons’ market value is estimated at around $30.6M per year, and if Prescott signs for $60M per year (he also counts for $40.13M against the cap in 2025 if he leaves Dallas), the Cowboys have to figure out a way to justify committing nearly $124M, or roughly 68% of their cap space to just three players.
It can be done, but then serious questions get raised about the quality of the team the Cowboys can build around the trio.
