Spencer, who will be participating in Sunday’s Pro Bowl for the first time in his career, is set to become an unrestricted free agent in March after producing 106 tackles and reaching double-digits in sacks for the first time in his career (11) this season despite only playing in 14 games.
Dallas currently has a tight cap situation that will make reaching an agreement on a long-term deal somewhat difficult, but the two sides are reportedly optimistic that they can reach an agreement at some point.
The Cowboys could always use their franchise tag on Spencer for the second straight season, but that move comes with a 20 percent increase, which would bring the total for 2014 to $10.6 million.
Dallas will move to a 4-3 defensive front next season, so you have to wonder whether or not it makes sense to use their cap space on a defensive end versus looking for improvements in other areas. Spencer’s value would most likely be higher as a 3-4 outside linebacker on the open market, so it seems safe to assume that he’ll have to be willing to lower his asking price to remain with the Cowboys.
We have Spencer listed as the No. 15 best available player in our Top 50 Free Agents list.