Prescott will make $31.4 million fully guaranteed for the 2020 season under the exclusive franchise tag.
Schefter notes that once Prescott officially signs his franchise tender, he will be contractually obligated to report to training camp on time.
The two parties have until July 15th to work out a long-term extension or Prescott would, once again, be in line to be an unrestricted free agent in 2021.
According to Ed Werder, this is not an indication a long-term agreement is close.
The Cowboys have reportedly offered Prescott an extension that would leave him among the highest-paid quarterbacks in the NFL. However, Dallas has been trying to get him to sign a five-year deal while Prescott prefers a shorter agreement that will allow him to test the open market by the time he’s 30.
Prescott, 26, is a former fourth-round pick of the Cowboys back in 2016. He’s entering the final year of his four-year, $2.72 million contract and was in line to be an unrestricted free agent this offseason.
In 2019, Prescott appeared in all 16 games and completed 65.1 percent of his passes for 4,902 yards, 30 touchdowns and 11 interceptions. He has also rushed for 277 yards and three touchdowns for Dallas. Pro Football Focus rated him as the No. 10 quarterback out of 37 qualifying players.
We’ll have more regarding Prescott and the Cowboys as the news is available.