JUST NOW: Dak Prescott’s $160 Million Extension Finalized

On the eve of their season opener, the Dallas Cowboys and Dak Prescott are still negotiating a contract extension to keep him with the team beyond the 2024 season. Recent reports indicate progress has been made, particularly regarding the contract’s length, but key issues such as value and guaranteed money remain unresolved. With Sunday serving as an unofficial deadline, Mike Florio of *Pro Football Talk* suggests there is a “small chance” the two sides will finalize a deal in time

Although no agreement has been reached, Clarence Hill Jr. from *DLLS* confirms that negotiations are ongoing, with limited time left. Cowboys owner Jerry Jones has stated that a deal doesn’t have to be finalized before the season begins, but teams generally prefer to settle contract matters by Week 1. Prescott’s current contract carries a cap hit of over $55 million for 2024, which could be reduced with a long-term deal. If no agreement is reached and Prescott leaves as a free agent next year, Dallas would face a dead money charge exceeding $40 million.

Both Prescott and Jones have expressed their desire to avoid that scenario, though Prescott has acknowledged that many starting quarterbacks have played for multiple teams during their careers. While Prescott was initially open to continuing negotiations into the season, he has clarified that it’s not up to him. The push for a last-minute agreement shows a mutual interest in securing clarity before the season kicks off.

After CeeDee Lamb’s recent four-year, $34 million-per-season extension and the anticipated deal for edge rusher Micah Parsons in 2025, Prescott could set a new standard for quarterback contracts, either with Dallas or potentially another team. With only hours left until the Cowboys’ season begins, the possibility of Prescott staying with the team long-term remains on the table.