The Dallas Cowboys and Dak Prescott agreed to a record-breaking four-year, $240 million contract extension on Sunday, including an unprecedented $231 million guaranteed, according to the NFL. The deal not only secures Prescott’s place as the Cowboys’ franchise quarterback but also resolves one of the most significant contract negotiations in the NFL.
Ahead of the Cowboys’ season opener against the Cleveland Browns, team owner Jerry Jones expressed his confidence in Prescott’s future with the organization. “There’s a lot of me that thinks, hopes, that Dak is the quarterback for the rest of my time. And that’s not just limited to the terms of this contract either. I’ve got a lot of confidence in him,” Jones told Yahoo Sports‘ Jori Epstein. He further confirmed that Prescott’s deal averages $60 million annually, stating, “The figure is right. I hope Dak is our quarterback for the rest of my time.”
This massive contract makes Prescott the highest-paid player in NFL history, surpassing previous records set by quarterbacks Joe Burrow, Trevor Lawrence, and Jordan Love. Prescott’s $231 million guaranteed narrowly exceeds Deshaun Watson’s previous record of $230 million. Additionally, the contract includes an $80 million signing bonus, another record-setting component of the deal.
While Prescott’s performance has come under scrutiny due to the Cowboys’ playoff struggles, his value to the team has been undeniable. In 2023, Prescott had an MVP-caliber season, completing 69.5% of his passes for 4,516 yards, 36 touchdowns, and just nine interceptions. A three-time Pro Bowler, Prescott was also named second-team All-Pro for the first time last season. Given his production and leadership, the Cowboys faced little choice but to commit to their star quarterback for the long term.
Reflecting on his contract situation during training camp, Prescott acknowledged the weight of expectations. “I’m free right now as in, where I am in life, what I’ve done here… I’m deserving of [the next contract],” Prescott said. He added, “This game is judged off of winning the Super Bowl. I understand people’s angst… Hey, if these people want to move on, it’s a business. But I know… it’s a two-way street.”
Prescott’s contract follows another significant deal for the Cowboys, as wide receiver CeeDee Lamb recently secured a four-year, $136 million extension with $67 million guaranteed. The Cowboys’ next big negotiation looms with edge rusher Micah Parsons, who will likely aim to become the highest-paid defender in the league.
As the Cowboys navigate these financial commitments, their ability to maintain a competitive roster while managing the salary cap will be a topic of intense scrutiny in the coming years. Nonetheless, with Prescott locked in, Dallas hopes to make a serious push for its first Super Bowl title since 1995.