Cowboys' Top Contract Extension Priorities Entering Training Camp

The franchise tag contract extension deadline came and went without the Dallas Cowboys inking Tony Pollard to a multi-year deal.

In a vacuum, it's a move that's frustrating. They finally are giving the keys to Pollard in the backfield after releasing Ezekiel Elliott and getting out of his burdensome contract.

But roster moves don't happen in a vacuum. Every decision feeds into another and it's important to keep the books balanced. When you zoom out on the Cowboys roster and see who else will be due for contract extensions soon it makes a lot of sense that Dallas wasn't willing to hand out a big contract to Pollard.

For now, the Cowboys will have to let him play out the season on his one-year, $10.1 million contract.

Because there are more important pieces to the Cowboys puzzle who they should be focused on extending than their star running back.

WR CeeDee Lamb

AP Photo/Michael Ainsworth

Dallas Cowboys wide receiver CeeDee Lamb (88) makes a catch during an NFL football practice at the team's training facility in Frisco, Texas, Thursday, May 25, 2023. (AP Photo/Michael Ainsworth)

While the running back market has become stagnant across the league, wide receiver contracts have only been getting bigger.

This year's free agent cycle saw that slow a little bit, but last year, things exploded. Tyreek Hill set a new bar with a contract that paid out $30 million in annual average value. Eleven receivers signed an extension that paid them $20 million a year or more.

The market might get reset again when Justin Jefferson and the Minnesota Vikings get a new deal done. Jefferson has been as prolific statistically as other veterans who are at the top of the market, but he's only 24 years old.

Lamb shouldn't command quite as much money as Jefferson. Lamb has made the Pro Bowl twice, but Jefferson is an All-Pro who had over 1,800 receiving yards.

Still, it's better for the Cowboys to get a new contract done with Lamb before the Vikings get theirs done with Jefferson. His contract is likely to set a new bar and Lamb will want a percentage of that contract.

Lamb has taken over the responsibility of being the Cowboys No. 1 wide receiver. There's a reason the rate is going up for those kinds of players. Without him, the Cowboys passing attack doesn't pack nearly the same punch.

QB Dak Prescott

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SANTA CLARA, CALIFORNIA - JANUARY 22: Dak Prescott #4 of the Dallas Cowboys warms up prior to a game against the San Francisco 49ers in the NFC Divisional Playoff game at Levi's Stadium on January 22, 2023 in Santa Clara, California. (Photo by Thearon W. Henderson/Getty Images)

There's a major caveat to signing Dak Prescott to an extension that makes CeeDee Lamb a little more important. If the Cowboys have hesitation that Prescott is their franchise quarterback after his struggles last season then they should wait to extend him.

Ultimately, it might cost them a little more. The longer you wait on a quarterback the more expensive they become.

But Prescott is coming off a season in which he threw a career-high 15 interceptions and is heading towards his 30s with a few injury-plagued seasons on his resume.

For the record, Prescott has done well enough that sticking with him is probably better than attempting to find another quarterback. The organization has to agree with that sentiment before inking him to an extension, though.

In all likelihood, that's where this is headed. Prescott's current contract already has $36.5 million earmarked for Prescott in the form of a void year. An extension would make sure that money actually goes to keeping him on the roster and not paying him a boatload of money to play elsewhere.

Unless the Cowboys think a trade might be a consideration in the offseason their best bet is to get him extended as soon as possible.

CB Trevon Diggs

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ARLINGTON, TEXAS - DECEMBER 11: Trevon Diggs #7 of the Dallas Cowboys runs with the ball in the second half of a game against the Houston Texans at AT&T Stadium on December 11, 2022 in Arlington, Texas. (Photo by Sam Hodde/Getty Images)

Micah Parsons is the most important player on the Dallas Cowboys defense but he can't even hit the open market until 2026 so he isn't eligible for a contract extension.

Trevon Diggs is the next-most important piece, though. The 25-year-old is in the final year of his rookie deal. Since he wasn't a first-round pick, there's no fifth-year option to keep him under team control in 2024.

That's why it would be ideal to get him locked up to a contract extension before this season even starts.

Spotrac has Diggs' market value as a four-year, $61.8 million contract. They use Xavien Howard, J.C. Jackson, James Bradberry and Levi Wallace as comparables which is an interesting choice because Bradberry and Wallace were both veterans signed to mercenary contracts.

Howard and Jackson are probably the better comps. Howard's annual average value is $18 million while Jackson's is $16.5 million.

With the Cowboys likely committed to sending big dollars to Lamb and Prescott, it should be expected that Diggs is going to go to the table wanting something similar to Howard and Jackson.