ARLINGTON, TX – DECEMBER 15: Dallas Cowboys Quarterback Dak Prescott (4) scrambles during the game between the Dallas Cowboys and Los Angeles Rams on December 15, 2019 at AT&T Stadium in Arlington, TX. (Photo by George Walker/Icon Sportswire via Getty Images)
Dak Prescott is next in line to get paid. What are the Dallas Cowboys going to pay him after watching Patrick Mahomes get $503 million on Monday.
If you turn down your TV and listen quietly, you can hear screaming. It’s coming from Dallas, and Cowboys owner Jerry Jones.
Jones saw Patrick Mahomes signing a 10-year, $503 million extension with the Kansas City Chiefs on Monday, destroying the quarterback market in unfathomable ways. Why does Jones care? Because his quarterback, Dak Prescott, is on the franchise tag.
In fact, Prescott and the Cowboys have until July 15 to find common ground on a long-term deal or Prescott will play the 2020 season on the tag. Afterwards, he’ll be slated for unrestricted free agency in March ’21.
What will Dak Prescott’s contract look like with the Dallas Cowboys?
Should the sides finally agree on a deal, Prescott made serious additional money by waiting for Mahomes to get his extension done. Before Mahomes signed, the records for quarterbacks were $35 million annually (Russell Wilson) and $110 million guaranteed (Jared Goff). Now? Mahomes earned $477 million guaranteed and $45 million annually once the extension begins in 2022.
While Prescott won’t approach Mahomes’ numbers — nor will anybody for at least a few years — he should easily surpass the previous benchmarks set by Wilson and Goff.
Looking at the big picture, Prescott shouldn’t struggle to and a contract worth $40 million per year. The contract length likely isn’t as long, but something in the neighborhood of six years and $240 million with $150-170 million guaranteed seems reasonable.
Just yesterday, that would have been absolutely laughable.
Jerry Jones had the opportunity to sign Prescott before Wilson, Goff and Carson Wentz did their deals last offseason. Instead, he waited while signing running back Ezekiel Elliott and wide receiver Amari Cooper.
Those decisions are going to be very, very costly.