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Cowboys Cryptically Announce 4-Word Trade Revelation
Tim Heitman-Imagn Images

If you listened closely to Dallas Cowboys COO Stephen Jones’ comments this week, you caught more than just the usual front-office PR spin. Around the 12-minute mark of his 105.3 The Fan interview, Jones dropped a line that should’ve caught every Cowboys fan’s ear ... a 4-word revelation, really ...

“It's not over yet.”

No, he wasn’t talking about taking a flier on a developmental project in Round 6. He was talking about adding to the roster before the draft even begins. And if you understand how the Cowboys operate — methodical, calculated, cap-savvy — that quote only leads to one conclusion:

A trade is still very much in play. And so are free agents ... after a certain "deadline.''

Jones reiterated the importance of “drafting pure,” which is front office lingo for “we don’t want to be desperate at any position.” That’s why the Cowboys have been relatively quiet in free agency — and why they might be gearing up for a draft-related move (like a WR or CB swap) instead.

Why not just sign a free agent?

Two reasons:

 1. They’re locked in on the draft board — deep in their war room flow, with very little appetite for distractions.

 2. The compensatory pick formula. After May 2, any free agents you sign no longer count against your comp pick equation. And that’s when names like Will Hernandez, Asante Samuel Jr., or other veterans could become viable again.

But here’s the kicker: the Cowboys are already playing this game.

The Comp Pick Picture (And Why It Matters)

This isn’t speculation — it’s "Cowboys order of operations." 

They do this every year and this is how the 2025 offseason currently stacks up in that regard:

Qualifying Departures (expected comp picks):

 • DeMarcus Lawrence: 3 years, $32M

 • Jourdan Lewis: 3 years, $30M

 • Chauncey Golston: 3 years, $18M

 • Brandin Cooks: 2 years, $13M

All of these guys are likely comp-pick eligible. That’s four strong candidates for Dallas to be awarded picks in 2025.

Offsetting Signings:

 • Dante Fowler Jr. is expected to offset one of those comp picks.

 • Robert Jones signed for 1 year, $3.75M — and here’s where it gets interesting.

 ◦ Fowler’s departure last year for $3.25M earned Dallas a 6th-rounder.

 ◦ So with inflation and Jones' deal being slightly richer, it's not unreasonable to assume Jones maybe just maybe falls below the qualifying line this year. (We'll see) 

Draft picks in, comp pick protection, and cap control.

Here’s what it all means in plain English:

 • The Cowboys could still trade for a receiver or corner before the draft and not disrupt their compensatory formula.

 • After May 2, they’ll likely revisit free agents like Hernandez, Samuel Jr., etc. 

 • They’re staying patient (frustrating as that can be to Cowboys Nation), precise, and financially chess-savvy — all while maximizing future assets.

The NFL doesn’t make the comp pick formula public, but we’ve got a strong handle on how it works. It’s based on contract size, playing time, and awards — and the Cowboys have gotten very good at playing that game.

Stephen Jones’ “We’re not done yet” line isn’t a bluff. It’s a breadcrumb. And when you follow it with context like this?

It makes a whole lot more sense.

This article first appeared on Athlon Sports and was syndicated with permission.

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