Caleb Downs, Cowboys Agree to $28.9M Contract After 2026 NFL Draft, Jersey Number Revealed

The Dallas Cowboys and safety Caleb Downs finalized the terms of his rookie contract on Friday.

As the No. 11 overall pick in the 2026 NFL draft, Downs will earn just under $29 million over four years. Here's an annual salary breakdown:

• 2026: $5,264,074
• 2027: $6,580,093
• 2028: $6,580,093
• 2029: $9,212,131

There was general agreement on the idea that Downs was one of the best players in the class. He was the top-ranked talent on Bleacher Report's final big board.

The biggest knock on the former Ohio State star stemmed from forces beyond his control.

Teams generally don't splurge on safeties. Ahead of the 2025 season, starters at the position earned an average salary of $6.7 million, per Spotrac. Edge defenders ($13.5 million), interior linemen ($10.1 million) and cornerbacks ($8.2 million) all made more.

Rookie contracts are supposed to be relative bargains. That wouldn't have been the case with Downs if a team had taken him in the top five. As the fifth pick, he would've made just under $12 million a year, a figure that put him squarely in the middle of the league among fellow safeties.

Being able to get Downs outside of the top 10 represented far better value for Dallas. His $7.2 million average earnings put him 26th at the position.

Bleacher Report's Brent Sobleski gave the Cowboys a grade of A-plus-plus for the pick.

"Downs will immediately make everyone on the unit better and give Dallas the highest IQ defender among the rookie crop and an all-around playmaker who can be used in a variety of ways," he wrote.

Grading Caleb Downs Pick

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Improving the defense was a necessity after the unit finished 30th in yards allowed and dead last in points allowed.

The Cowboys didn't make a ton of splashy moves prior to the draft. Acquiring edge-rusher Rashan Gary and signing safety Jalen Thompson to a three-year, $33 million deal were their biggest transactions.

Downs could prove to have a bigger impact on the defense than anybody else Dallas added over the offseason.