© Tim Heitman-USA TODAY SportsDec 29, 2019; Dallas Cowboys quarterback Dak Prescott (4) look on from the field before the game against Washington at AT&T Stadium.
The Dallas Cowboys have taken Dak Prescott on a roller coaster ride for the past two years with contract negotiations. With another NFL offseason underway, Jerry Jones and the team's star quarterback somehow find themselves at the same place they were over a year ago.
Last spring, the Cowboys placed the franchise tag on Prescott to buy time as the two sides discussed a long-term contract extension. When they failed to reach a deal, with the Cowboys insisting on a lower annual salary on a five-year deal, the NFL world heavily criticized Jones for failing to sign the team's franchise quarterback.
It's an opportunity that will prove costly for Dallas. After playing out the 2020 season on the $31.4 million tag, Prescott is expected to get hit with it for the second consecutive year. Now, as the Cowboys prepare to pay him far more than before, they could be in danger of things getting even worse.
ESPN's Kimberley Martin appeared Monday on "Get Up," reporting that Prescott and the Cowboys haven't made progress on a contract extension. Both sides want to get a deal done, but there has been no movement towards an agreement.
It's just the latest troubling update for Dallas. The deadline for NFL teams to apply the franchise tag is March 9, when the organization is expected to do just that. However, the Cowboys won't have the benefit of the deal dropping with the 2021 NFL salary cap. Instead, they will owe Prescott $37 million fully guaranteed with every dollar counting against the team's cap space.
Prescott had leverage over the Cowboys last offseason, when he sought a four-year contract worth just over $35 million annually. But the Cowboys reportedly stuck to a five-year deal for $34.5 million per season. This time around, Jones is stuck in an even worse situation.
Once the tag is applied for a second time, Prescott can instantly set his asking price beyond $37 million annually. There's even a growing belief he could net $40 million per year, potentially on a four-year deal. Dallas won't have much choice, given a long-term deal is the only way to spread out his cap hit and guaranteed salary across multiple seasons.
Some have mentioned that the Cowboys could use Russell Wilson as leverage. It's true that he likes the idea of playing in Dallas, but the Seattle Seahawks aren't trading him this offseason. Even if they considered it, which is especially unlikely given the bad blood between these two organizations, it would cost Dallas multiple first-round picks.
The Cowboys can't afford to meet that asking price. There are holes everywhere defensively and a slight upgrade at quarterback, while wiping away years of draft capital, won't make this team a Super Bowl contender.
Ultimately, Jerry Jones will need to give his star quarterback whatever contract he wants. Otherwise, after playing out the 2021 season on the $37 million tag, Prescott will leave in free agency and Dallas will be left with nothing.
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