Micah Parsons’ 2025 Contract Extension Issue

March Contracts Recalibrated the Edge-Rusher Market

• On March 5, 2025, the Las Vegas Raiders locked in Maxx Crosby to a three-year, $106.5 million extension, with $91.5 million guaranteed, making him the highest non-quarterback in NFL history.
• On March 9, 2025, Myles Garrett extended with the Cleveland Browns on a four-year, $160 million deal—roughly $40 million/year with % $123.5 million guaranteed—setting the bar even higher for elite edge defenders.

Then in July, T.J. Watt signed a three-year, $123 million extension that includes $108 million fully guaranteed and around $41 million/year, surpassing Garrett’s mark for the top AAV among non-quarterbacks.

Trey Hendrickson Remains a Market Puppeteer

As of now, the only high-profile defensive end still without a long-term extension is Trey Hendrickson of the Bengals.

Despite leading the league with 17.5 sacks last year, he remains unsigned and emphasizes that guarantees—not just salary—are the sticking point in negotiations.

Hendrickson recently returned to training camp in a “hold-in” style strategy—physically present but not practicing—to avoid fines while supporting the team, signaling both commitment and leverage as talks continue.

Parsons Agent Watching Contracts Closely

Parsons’ agent appears to be following a deliberate approach: allow Crosby, Garrett, Watt (and eventually Hendrickson) to establish the market, then seek to position Parsons above them.

Analysts believe—with his youth and elite production— he can realistically reset the market again, seeking numbers upward of $42-45 million/year with enormous guarantees.

Dallas Cowboys Likely Happy to Wait

From the team’s perspective, this strategy buys cap flexibility and negotiation leverage.

Similar to previous high-profile extensions with Dak Prescott and CeeDee Lamb, Dallas historically prefers to delay deals as long as possible unless forced to commit early.

What It Means

• Crosby and Garrett reset the baseline in March. Watt followed in July.
• Hendrickson remains unsigned, and his eventual contract—particularly the guarantee structure—could adjust the benchmark further.
• If Parsons’ camp is patient, they may hold out for guaranteed-heavy deals that surpass all current numbers.
• The Cowboys likely remain strategic; no face-to-face talks have been reported since early spring, indicating they won’t rush.

The Waiting Game

With Crosby, Garrett, and Watt already signed, Parsons’ camp may now wait for Hendrickson’s deal as the final market variable before engaging.

Meanwhile, Dallas shows no urgency to settle prematurely.

Until one side alters its strategy, this impasse could continue well into the regular season.