Early Free-Agent Contracts Cowboys Must Consider

The news that the salary cap will be going up a record $30.6 million to $255.4 million is music to the ears of a team like the Dallas Cowboys heading into the offseason.

With the expected hike in free agency the Cowboys were significantly over the cap, but the new cap number means the Cowboys are just $3.2 million over as we head towards March.

That means an increased budget, even for teams who are currently toeing the salary cap line. According to Over the Cap, the Cowboys have the ability to create over $65.5 million in room through simple restructures.

Obviously, not every restructure is a good idea and the Cowboys still have to consider their rookie pool and money to hang on to for in-season moves, but there's a relatively easy path to creating a free agent budget.

The question is what that budget should be spent on. The Cowboys were once again one of the best overall teams in the league but came up short when the playoffs rolled around. They need to make some moves that are going to maximize their chances of making a postseason run in 2024.

Here are three free-agent contracts they should consider to reach that goal.

RB Derrick Henry

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NASHVILLE TENNESSEE - JANUARY 07: Derrick Henry #22 of the Tennessee Titans runs the ball for a touchdown during the game against the Jacksonville Jaguars in Nashville, Tennessee at Nissan Stadium on January 7, 2024 in Houston, Texas. The Titans defeated the Jaguars 28-20. (Photo by Wesley Hitt/Getty Images)

There's always pressure in Dallas, but there's a lot of pressure on Mike McCarthy to make 2024 a special season. The Cowboys have been stuck in neutral when it comes to the playoffs.

McCarthy has gone 1-3 in the postseason with the Cowboys and they have yet to get past the divisional round.

This year, Tony Pollard's struggles as the lead-back were partially to blame. The Cowboys finally gave him full command of the backfield with Ezekiel Elliott gone and he responded with much less efficiency than in years past.

The Cowboys were also not an impressive short-yardage offense last season.

A simple, quick fix to that issue is to make a competitive offer to Derrick Henry. The 6'3", 247-pound back is still a productive back. Even behind a porous Titans offensive line he was second in the league in rushing, 10th in yards created and second in breakaway runs, per Player Profiler.

The Cowboys offensive line is much better than the Titans, even if there are some questions. Regardless, Henry is one of the few backs who really makes a difference that goes beyond what the offensive line can block for him.

Henry is set to hit free agency at 30 years old. There probably isn't a real long-term deal for him on the market so the Cowboys could start at his market value according to Spotrac and have a good shot at outbidding the competition.

Contract to Consider: One year, $10.3 million. Fully Guaranteed.

LB Josey Jewell

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Josey Jewell

The Dallas Cowboys have a lot of talent on their defense, but they don't have a linebacker in the middle of it all who can bring it all together.

The defense was one of the better units in the league under Dan Quinn's guidance, but their depth in the middle of the defense was tested at times. They had to bring safety Markquese Bell into the linebacker room to deal with injuries, including the neck injury that forced Leighton Vander Esch to the injured reserve after five games this season.

Vander Esch had surgery on his neck in 2020 and was diagnosed with cervical spinal stenosis, a narrowing of the spinal column in the neck.

The free agent class of linebackers is talent-rich so the Cowboys should be able to find a veteran on a team-friendly contract. They don't necessarily need an elite option there. They have elite talents that will need to be paid, but a steady performer who can bring some linebacker size to the box would be good.

Josey Jewell would make a lot of sense as a proven starter on some good Denver Broncos defenses. This season he carried a higher PFF grade than Vander Esch or Damone Clark at 67.3, ranking 41st of the 82 linebackers they graded.

He's a bit limited as an athlete, but he would make sense as a running mate for the likes of Bell for his ability to play the run and be a serviceable zone defender in coverage.

Dallas should propose something similar to the two-year, $11 million contract he just played on in Denver.

Contract to Consider: Two years, $14 million. $8 million guaranteed.

DT Grover Stewart

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Grover Stewart

Defensive tackle is another team need that also happens to feature a very deep free-agent class. Names like Chris Jones, Christian Wilkins and Justin Madubuike are going to dominate the headlines, but that creates value with some proven veterans who will also be available.

The 30-year-old Stewart heads to free agency with a relatively clean bill of health. He missed the first six games of this season due to a suspension for violating the league's performance-enhancing drug policy, however, he hasn't missed a game since 2018 and had played in 84 consecutive games before the suspension.

Stewart is not an elite pass-rushing option, but the Cowboys can't necessarily afford one in free agency. They can clear up a small free agent budget, but paying it out to the likes of Jones, Wilkins or Madubuike would be too costly.

Instead, they could target a sturdy run defender like Stewart who is going to improve the Cowboys run defense and offer some pass rush support. The nose tackle posted 11 total pressures this season and 14 last season, per Sports Info Solutions.

As the roster stands right now, the Cowboys are depending on Mazi Smith to make huge strides in his second season. While that's a good thing to hope for, it isn't a comprehensive plan for the spot beside Osa Odighizuwa.

Signing Stewart would give them a strong three-man rotation on the inside.

Contract to Consider: Three years, $40 million, $28 million guaranteed.