Cowboys' Updated Salary Cap After Michael Gallup's Reported 5-Year, $62.5M Contract

The Dallas Cowboys are reportedly bringing back wide receiver Michael Gallup with a new contract as he was set to enter free agency.

According to NFL Network's Ian Rapoport, Gallup's new deal with Dallas is worth $62.5 million over the next five years. The contract propels Gallup into the upper echelon of highest-paid players on the team.

We'll know more when Gallup's contract details are revealed, but for now it can be expected that he will make an average annual salary of $12.5 million per year. Per Over the Cap, that number would put him ahead of guard Zack Martin for sixth-highest cap hit in 2022 for the Cowboys.

Gallup's deal would cut significantly into Dallas' available cap space. The team saved $16 million and added $6 million in dead money with Saturday's trade of wide receiver Amari Cooper to the Cleveland Browns. Gallup's salary takes up nearly all of the money that was saved in the Cooper deal.

It wouldn't be a surprise if more moves were coming for the Cowboys this offseason. Defensive lineman DeMarcus Lawrence recently declined to take a pay cut and his future with the team is in doubt, according to the Dallas Morning News' Calvin Watkins. He is set to make a base salary of $19 million in 2022.

Gallup was limited to nine games last season because of a calf injury and then he suffered a torn ACL in Week 17. He finished with 35 catches for 445 yards and two touchdowns. Dallas' long-term commitment to him indicates that the organization believes he will make a full recovery.