Will Cowboys Trade or Re-Sign George Pickens? Rumors on Contract, Franchise Tag

The Dallas Cowboys are hopeful of retaining wide receiver George Pickens in the offseason, though the two sides haven't discussed a new contract, according to NFL Network's Ian Rapoport.

"While the best option for Pickens would be to hit unfettered free agency, the more likely option, sources say, is the Cowboys franchise tag him at an expected price of over $28 million for one season," Rapoport reported Sunday. "Dallas would then attempt to work out a long-term deal with Pickens.

"Another option is to tag Pickens and try to trade him for future picks, and there is historical precedent for that. But that would be the backup option to signing him to long-term deal in Dallas."

The NFL insider pointed to a further source of intrigue given Pickens' representation.

David Mulugheta drove a hard bargain with the Cowboys when it came to an extension for Micah Parsons, and that led Dallas trading the star edge-rusher to the Green Bay Packers. The Packers promptly gave Parsons a $186 million deal.

During the saga, Cowboys owner Jerry Jones negotiated directly with Parsons at times, effectively circumventing Mulugheta, and asserted once he didn't even know the agent's name.

For the second successive offseason, Jones and Mulugheta will get to know one another very well.

Rapoport downplayed the likelihood of any lingering animosity stemming from the Parsons negotiations.

"Team sources say that wouldn't be an issue this time, though the use of the tag would not be something the player or the agent would cheer," he said.

Pickens is headed toward a big payday one way or the other. He has 58 receptions for 908 yards and seven touchdowns, and his 90.8 receiving yards per game rank third in the NFL.

▶️ Full Cowboys-Raiders Recap

05:16

For Dallas, the downside to acquiring Pickens in the final year of his rookie contract is that re-signing him — even with the franchise tag — would be complicated in the event he's performing like this.

The Cowboys are projected to be more than $33 million over the salary cap for 2026. No team is more in the red.

Jones and the front office will have to clear a lot of money from the books to accommodate a salary of $28 million or more for Pickens, and that doesn't factor in the flexibility needed to improve the roster in other areas.

The franchise tag gives Dallas a straightforward path to keeping Pickens under team control for at least one more year. Paying the 24-year-old at the market rate will nonetheless present a challenge.