Projecting Dak Prescott's Contract After CeeDee Lamb's Impact on Cowboys' Salary Cap

The Dallas Cowboys ended their summer-long standoff with star receiver CeeDee Lamb by signing him to a four-year, $136 million contract on Monday, and now it's time for them to turn their attention to star quarterback Dak Prescott.

With Lamb's impending average annual salary of $34 million and an extension for star edge rusher Micah Parsons also on the horizon, the Cowboys have a ton of work to do if they want to remain in good salary cap health. Per Over The Cap, without factoring in Lamb's new deal, Dallas has a salary cap of $266.6 million with $28.5 million in cap space.

Entering the final year of his contract, Prescott is set to count for a cap hit of over $55 million in 2024. As part of the four-year, $160 million deal he signed in 2021, the Cowboys cannot use their franchise tag on him, clearing the way for him to become the most prized free agent on the market next offseason if an extension isn't reached before then. If he chooses to leave Dallas, he would still count for a $40 million cap hit in 2025.

Joe Burrow of the Cincinnati Bengals, Jordan Love of the Green Bay Packers and Trevor Lawrence of the Jacksonville Jaguars are the highest-paid quarterbacks in the NFL at $55 million per year. It can be expected that Prescott's new deal will reset the market and potentially make him the league's first $60 million man.

A contract in the range of three years, $180 million or four years, $240 million appears to be the most sensible projection for Prescott. At 31 years old, the three-time Pro Bowl selection is in the prime of his career and can secure a historic payday with another monster season this year.

Prescott earned second-team All-Pro honors in 2023 when he led the league with 36 passing touchdowns while posting 4,516 yards and a career-best passer rating of 105.9.

The Cowboys could try to talk Prescott down from the $60 million per year number as they try to extend Parsons and add more talent around their star signal-caller. However, the team would be wise to meet his demands and avoid losing him to the open market next year.