NFL Rumors: Dak Prescott, Cowboys 'Not Close' to Contract Extension Ahead of Week 1

The Dallas Cowboys remain far from finalizing an extension for quarterback Dak Prescott with five days left until the regular-season opener, according to the NFL Network's Ian Rapoport.

"My understanding is, right now, is the two sides are not close," Rapoport said Wednesday on NFL Network's NFL GameDay (2:45 mark.)

"The clock is ticking," Rapoport continued. "Of course, he's going to practice, he's going to play this season. There's no questions there. But if a deal that would, of course, make him the highest-paid quarterback in the NFL, highest-paid player in the NFL—if that doesn't get done by Saturday, you really have to wonder: Is a deal going to get done at all?"

Prescott is set to become a free agent after the 2024 season, which kicks off for the Cowboys on Sunday against the Cleveland Browns.

According to Rapoport, Prescott's agent and the Cowboys "have been in conversations for about a month or so, maybe a little more, about a potential big-time contract extension that of course would make him the highest-paid quarterback in the NFL."

The Cincinnati Bengals' Joe Burrow, Green Bay Packers' Jordan Love and Jacksonville Jaguars' Trevor Lawrence earn the highest average annual value in the NFL with contracts worth $55 million per year.

Prescott could be aiming to become the NFL's first quarterback worth $60 million per year if he signs with the Cowboys this season. If he hits free agency, that number could climb even higher.

The last time Prescott sought an extension back before the expiration of his rookie deal in 2019, the Cowboys also delayed signing the star quarterback in negotiations that led to a franchise tag.

At the time, Prescott was rumored to be seeking a contract worth around $30 million per year. By the time Prescott signed his most recent deal in 2021, that price had risen to a $40 million average.

The Cowboys risk seeing a similar price jump in the quarterback's value if they allow Prescott to test free agency after the 2024 campaign.

According to The Athletic's Dianna Russini on her Scoop City podcast (h/t Sports Illustrated's Josh Sanchez), the gap between the Cowboys and Prescott is due to the length of the proposed contract. The veteran signal-caller wants more term from the Cowboys than the team is willing to give, Russini said.

"This is a guy who's won a lot of games. But is that enough?" Russini asked. "Winning's not enough for Jerry Jones. ... They don't want to just be the team that wins a lot of games. They want to be the team that can play in the Super Bowl."

That leaves the Cowboys in a difficult situation. Jones might need playoff success to justify Prescott's record-setting contract, but playoff success would all but guarantee his price will skyrocket.

Prescott will get the start on Sunday against Deshaun Watson and Cleveland Browns, but it remains to be seen whether he will be playing on an expiring contract.