Latest Dak Prescott Contract Extension Projection Reaches Jaw-Dropping Heights

The Dallas Cowboys are projected to give their star quarterback the largest annual salary in the NFL.
Tim Heitman-USA TODAY Sports

The Dallas Cowboys have plenty of difficult decisions they have to make this offseason. Perhaps none are more important than what happens with their franchise quarterback Dak Prescott. The 30-year-old signal-caller is entering a contract year in 2024 but the Cowboys have every intention of retaining him for longer since they don't have a way to replace him with a similar-caliber quarterback.

But what does a long-term contract extension with Prescott look like?

Spotrac's projection for his next contract is slated to make him the highest-paid player in the NFL.

Cowboys News: Prescott Projected To Be Highest-Paid Player In the NFL

In their projections for quarterbacks up for a contract extension, Spotrac is making Prescott the first $60 million per year player in NFL history in terms of new money average. In total, this brings his contract to a four-year, $214 million deal with $169 million guaranteed. He also gets an additional $75 million signing bonus, similar to what he got in his previous extension.

This sets a new standard for elite quarterbacks in the league as the current highest-paid player in the NFL is Joe Burrow of the Cincinnati Bengals who makes an average salary of $55 million per year.

As terrifying as paying a quarterback who has repeatedly failed in the postseason $60 million per year, the Cowboys really don't have another choice.

Prescott's current cap hit is a serious problem for Dallas and this frees up around $18 million for the 2024 salary cap, allowing them to bolster the roster around him.

Plus, if the Cowboys don't extend him this offseason, he will be on the open market next offseason without the financial capability for Dallas to retain him. They don't have a viable replacement QB on the roster, either.

All of this creates a situation where Prescott has all the leverage in negotiations. And it looks like this leverage is going to pay off for him.

Despite having the best season of his career and finishing second in MVP in 2023, Prescott is not being taken seriously in NFL MVP odds next season. On FanDuel Sportsbook, he only has the eighth-best odds (+1600) to take home the trophy. Head over to FanDuel to back Dak and don't forget to claim your sign-up bonus of $150.

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