After two years of dancing around, the Dallas Cowboys and quarterback Dak Prescott came to a long-term deal. With the Cowboys in a tough cap situation and Prescott wanting long-term security coming off his injury, both sides were able to get a deal done.
The #Cowboys and franchise QB Dak Prescott have agreed to a deal.
— Ian Rapoport (@RapSheet) March 8, 2021
While Prescott won’t reset the quarterback market, his average annual value (AAV) comes in second, only to Patrick Mahomes. Prescott’s AAV on the new deal will be $40 million.
Highest paid QBs on a per-year basis:
Patrick Mahomes: $45M
–> Dak Prescott: $40M
Deshaun Watson: $39M
Russell Wilson: $35M
Jared Goff: $33.5M
Aaron Rodgers: $33.5M
Kirk Cousins: $33M
Carson Wentz: $32M
Matt Ryan: $30M— Ari Meirov (@MySportsUpdate) March 8, 2021
The deal is for four years and $160 million that can go up to $164 million. The contract also includes a no-trade clause and no tag provision, giving Prescott ultimate control between now and the end of this contract.
Full terms on the Dak Prescott contract: 4 years, $160M, up to $164M. He gets a no-trade clause and no tag provision. The guarantee is $126M. Massive.
— Ian Rapoport (@RapSheet) March 8, 2021
Not only does Dak get the four-year contract that he wanted, but he will also receive a massive $66 million signing bonus and $75 million total in the first year of the contract. Part of the reason for that is to help the Cowboys with their salary cap situation. With such a massive signing bonus, the Cowboys will write Dak a $66 million check when he signs the deal, but $11 of it will count against their cap this season thanks to the two void years on the end of the contract. In total Dak’s new contract includes $126 million guaranteed.
What’s more important for Prescott is how the contract is put together. He will average $42 million per year over the first three years of the deal. His new deal will expire when he turns 31 years old, and with a no-tag clause in the deal, Prescott will have the ability to hit the open market for one more massive deal to close out his career. Furthermore, with the potential new television money making its way into the salary cap over the next few years, Prescott’s next deal could make this one look like chump change.
Dak Prescott breaks the bank on a 4-year deal, which is what he wanted, and this contract will expire when he's 31 years old. The deal has a no-tag clause, and with the new TV money coming in… He'll have a chance to cash in even bigger. 🚀💰🚀
— Ari Meirov (@MySportsUpdate) March 9, 2021
At the end of the day, both Prescott and the Cowboys are winners in this deal. Prescott got paid as he deserved, and the Cowboys have their franchise quarterback locked up through the 2024 season. Unfortunately for teams like the Buffalo Bills and Baltimore Ravens, the Cowboys just reset the quarterback market for their negotiations with Josh Allen and Lamar Jackson.
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