Cowboys, QB Prescott finally have agreement on new contract

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FILE – In this Sunday, Oct. 4, 2020 file photo, Dallas Cowboys quarterback Dak Prescott drops back to pass in the first half of an NFL football game against the Cleveland Browns in Arlington, Texas. Applying franchise and even transition tags to players can have major ramifications on a team’s present and future. That was never more of a consideration than this year, with the salary cap decreasing by, for now, $18 million. That’s the first time the cap has gone down, which is due to lost revenues caused by the COVID-19 pandemic. (AP Photo/Ron Jenkins, File)

The Dallas Cowboys and Dak Prescott have finally agreed on a contract two years after negotiations first started with the star quarterback.

The team said the agreement was reached Monday with further details to be announced later. The deal comes a day before a deadline to put the franchise tag on Prescott for a second straight year at a salary cap charge of $37.7 million.

Prescott played on a $31.4 million franchise tag in 2020 before his season ended with a compound fracture and dislocation of his right ankle in Week 5.

If the agreement is long term, it figures to be the richest contract in franchise history. Owner Jerry Jones has signed three players to deals of at least $100 million: former quarterback Tony Romo, defensive end DeMarcus Lawrence and receiver Amari Cooper.

Before the gruesome injury, the 27-year-old Prescott had started every game since the beginning of his rookie year after replacing an injured Romo during the 2016 preseason.

Prescott won NFL Offensive Rookie of the Year honors while leading the Cowboys to the No. 1 seed in the NFC and two years later won his first playoff game while reaching his second Pro Bowl.

Negotiations on a new contract started the following offseason, when Prescott was going into the final year of a four-year contract that paid him a total of about $4 million as a fourth-round pick. That included $2 million in the final season.

Prescott got a 1,500% raise with his first franchise tag, which locked in another increase for a second tag despite the salary cap going down because of the NFL’s revenue dip in the pandemic.

With a new contract, the Cowboys should get salary cap relief they’re expected to need with the cap falling from $198 million to a possibility of as low as $180 million. The cap has risen about $10 million per season for most of the past decade.

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