NFL free agency officially kicks off in one week. Teams will be allowed to speak with free agents on Monday, so they are scrambling to set themselves up financially to be aggressive on the market. That is why we have seen a slew of cuts, extensions, and contract restructures over the last week.
The Dallas Cowboys have been one of the most active teams on that front. On Tuesday, they restructured CeeDee Lamb's contract and opened up $20 million in cap space for 2025. They followed that up on Wednesday with a contract restructure of Dak Prescott. Per ESPN's Todd Archer, the Cowboys opened up $36.6 million in cap space by converting $45.75 million of his base salary to a signing bonus. This makes Prescott no longer the highest 2025 cap figure in the NFL.
The Cowboys have restructured Dak Prescott's contract, opening up $36.6 million in cap space, per source. That's $56.6 million created in the last two days with the CeeDee Lamb move, too.
— Todd Archer (@toddarcher) March 5, 2025
Cowboys Must Follow Up Dak Prescott News With a Big Trade for a WR
Many Cowboys fans understandably interpreted this news as making room for Micah Parsons' extension. While this is obviously a factor, the additional cap space should be used to give the Cowboys a boost on the offensive side of the ball.
This means that Dallas needs to pursue one of the elite wide receivers on the trade block.
Brandon Aiyuk and Cooper Kupp are reportedly available via a trade, but the Cowboys' top priority should be a Pro Bowl receiver who just hit the market on Wednesday. NFL insider Jordan Schultz reported that Seahawks WR D.K. Metcalf just requested a trade and he would be the perfect trade target for Dallas.
Following Seattle's release of Tyler Lockett, the Seahawks are now expected to move Metcalf in a corresponding move. The 27-year-old is seeking a new contract as he enters the final year of the three-year, $72 million extension he signed. Metcalf is coming off a season where he put up 66 catches, 992 yards, and five touchdowns in 15 games.
Earlier in the week, Jerry Jones said that he doesn't see free agency as an avenue to fill the voids on the roster. The trade market, however, may be different. Metcalf is set to make $18 million next season, and considering the newfound cap flexibility the Cowboys have, he is certainly worth a look.