Why Cowboys should consider extending QB Dak Prescott soon

A Dak Prescott extension should be an imperative offseason priority for the Dallas Cowboys.

Per Spotrac, the quarterback has two years remaining on his contract, but his cap number increases from $26.8M in 2023 to $59.5M in 2024, the team's largest cap hit.

Promptly restructuring the two-time Pro Bowler's deal could reduce his cap number since Dallas could stretch his salary to open up cap space. Generating more cap room is a must because several star players could enter free agency over the next three seasons.

Cornerback Trevon Diggs becomes an unrestricted free agent in 2024. Wide receiver CeeDee Lamb becomes an unrestricted free agent in 2025. Linebacker Micah Parsons has a fifth-year option, meaning he could enter free agency in 2025 or 2026.

"We want to work on all of the above," Cowboys executive vice president Stephen Jones said of the upcoming contract extensions on Wednesday, per The Athletic's Jon Machota.

The Cowboys could also wait it out and make Prescott earn his extension by having more postseason success. The 29-year-old has a 2-4 playoff record in seven seasons and is coming off a season in which he tied for the league lead in interceptions thrown.

However, Dallas already indicated it wants Prescott to stay for the long haul. Per the team's website, Jones recently said, "Dak is going to be our guy for, hopefully, the next 10 years."

The Cowboys should be proactive and agree to a deal this offseason since it makes financial sense and keeps Prescott in Dallas.  

"I think it would be very surprising if they didn't do an extension this offseason that knocked down that 2024 cap number," wrote ESPN's Dan Graziano. "And made it clear that Prescott's future in Dallas is not a question."

If Dallas retains Prescott and other core players, it ensures that its championship window stays open.