Cowboys Rumors: Michael Gallup Restructures Contract, Saves $7M in Cap Space

The Dallas Cowboys have reportedly restructured the contract of veteran wideout Michael Gallup, according to ESPN's Todd Archer, freeing around $7 million in cap space for the 2023 season.

Per that report: "With an $11 million base salary, this was always the design of the five-year contract he signed last year. Team believes Gallup will be much-improved [in his second] year removed from ACL surgery."

The move likely won't preclude a major free-agent splash from the Cowboys, however:

The 27-year-old appeared poised for a major breakout after an excellent 2019 season, catching 66 passes for 1,107 yards and six touchdowns in 14 games.

But he didn't replicate those numbers in 2020 with Dak Prescott missing the majority of the season, pulling in 59 catches for 843 yards and five scores. And after a torn ACL cut his 2021 in half, Gallup returned last season after the team signed him to a five-year, $57.5 million deal, and he clearly needed time to shake off some of the rust, recording 39 receptions for 424 yards and four touchdowns.

That lack of production came as a surprise to many, including Cowboys owner Jerry Jones, as he said in October on K&C Masterpiece (h/t Logan Mullen of Audacy):

"I expect to see more production, I do. And that's not in any way drawing a line. He's just that quality of receiver, and he's that important to our offense, has been. We've seen those outstanding 20-yard-plus plays, those down the field plays."

"Then we talk about our third down (conversion rate), and talk about how we need to keep moving those chains, and that's impacting the number of offensive plays. All of that has Gallup written all over it. And so you bet we need to have him show up with the good stats. When you do, you'll have more third-down conversions, and when you do you'll have more extended plays"

The Cowboys need someone to emerge as a distinct No. 2 option behind CeeDee Lamb, who had an excellent 2022 season (107 catches for 1,359 yards and nine touchdowns). They were seemingly comfortable trading Amari Cooper to the Cleveland Browns last offseason because of the presence of Gallup, but that move—at least in the short term—backfired.

So the 2023 campaign is an important one for Gallup. The Cowboys need the return of the player they saw in 2019 and flashes of in 2020. If that Gallup returns, Dallas will once again have a scary offense.