Cowboys clear roughly $30M in cap space with huge move

According to ESPN's Todd Archer, Dalllas revised the contracts by turning $29M of Prescott's 2023 salary into a bonus and $12M of Martin's salary into a bonus, too. 

After the move, the Cowboys are $14.8M under the cap, per OverTheCap. The new financial freedom opens a wide range of possibilities. 

Dallas can sign an offensive playmaker in free agency like former Pro Bowl WRs JuJu Smith-Schuster, Odell Beckham Jr. and Adam Thielen. Each would bolster its receiving corps, which ranked 18th in yards last season. 

The Cowboys can retain some of the core pieces that steered them to consecutive 12-win seasons for the first time in 27 years.  

Safety Donovan Wilson and linebacker Leighton Vander Esch are free agents they should consider re-signing. Wilson led the team in tackles (101), while Vander Esch was second in tackles (90). 

CeeDee Lamb, who accumulated a career-high 1,359 receiving yards, is due for a fifth-year option worth $19.7M. The Cowboys can feel more comfortable using it because they have more financial flexibility.

The Cowboys likely need more than the cleared cap space to trade for Jalen Ramsey or DeAndre Hopkins. Per OTC, both have more than $30M due on their contracts. 

But the move shows the Cowboys believe they're a championship contender, willing to acquire the upgrades required for a deep run.