According to Adam Schefter, the Cowboys are signing QB Dak Prescott to a four-year, $240 million extension just hours before the start of the 2024 season.
The two sides had been making a last-minute push for a deal and despite plenty of outside pessimism were able to get it done.
At $60 million per year, Prescott is now the NFL’s highest-paid quarterback and pushed the market forward by $5 million per year over the previous high-water mark.
The deal also includes $231 million guaranteed, per Ian Rapoport, $80 million of which comes in a signing bonus. It’s a massive figure and reflective of the kind of leverage Prescott had in negotiations with Dallas.
Prescott was entering the final year of his contract and had a no-trade clause and a no-tag clause. That meant he had a path to unrestricted free agency if he wanted to take it, which is why his camp had the leverage to push Dallas for a major, market-setting extension well above the current high-water mark of $55 million per year.
Prescott, 31, is a former fourth-round pick of the Cowboys back in 2016. He played out the final year of his four-year, $2.72 million contract and was in line to be an unrestricted free agent in 2020 when Dallas placed the franchise tag on him.
The following offseason, Prescott signed a four-year, $160 million contract that included $126 million guaranteed. The contract can top out at $164 million.
He’s entering the final year of that contract and set to make a base salary of $29 million in 2024. Prescott was set to be an unrestricted free agent in 2025.
In 2023, Prescott appeared in all 17 games for the Cowboys and completed 69.5 percent of his passes for 4,516 yards, 36 touchdowns, and nine interceptions. He added 55 carries for 246 yards and two touchdowns.
We had him included in our Top 100 – 2025 NFL Free Agents list.
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