Cowboys' Dak Prescott Signs $31.4M Franchise Tender for 2020 NFL Season

Scott Polacek@@ScottPolacekFeatured ColumnistJune 22, 2020

Dallas Cowboys quarterback Dak Prescott (4) celebrates after making a touchdown throw against the Washington Redskins during the second half of an NFL football game in Arlington, Texas, Sunday, Dec. 15, 2019. Prescott connected with wide receiver Michael Gallup for the touchdown. (AP Photo/Ron Jenkins)
Ron Jenkins/Associated Press

Dallas Cowboys quarterback Dak Prescott officially signed his $31.4 million franchise tag Monday, according to David Helman of DallasCowboys.com.

Prescott later took to Instagram to post a Cowboys-themed picture:

Jon Machota @jonmachota

Dak Prescott post on Instagram after signing his franchise tender with the Cowboys https://t.co/PXCC5YaudF

As Helman noted, Prescott and the Cowboys still have until July 15 to work out a long-term deal. Per Ian Rapoport of NFL Network, the two sides "aren't close" to an agreement on a multiyear contract. 

This comes after the Cowboys announced they placed the exclusive franchise tag on the Mississippi State product prior to the March 16 deadline. By using the exclusive tag instead of the non-exclusive, Dallas agreed to pay him approximately $33 million instead of $28 million and is the only team that can negotiate a long-term contract with him.

Under the non-exclusive tag, the possibility would have existed that another team could sign him to an offer sheet and put the Cowboys in a position where they either matched or received two first-round picks.

According to Calvin Watkins of the Dallas Morning News, Prescott has been looking for a four-year deal instead of a five-year pact and wants to be paid more than Jared Goff, Carson Wentz and Russell Wilson received upon signing their four-year extensions.

Wilson signed for $140 million with $107 million guaranteed, Wentz signed for $128 million with $107.9 million guaranteed, and Goff signed for $134 million with $110 million guaranteed.

Dallas has not come to terms on such a deal even though Prescott has enjoyed an impressive level of success in the early portion of his career.

He was thrust into action as a rookie in 2016 after Tony Romo suffered an injury and led the team to a 13-3 record as a Pro Bowler and the Offensive Rookie of the Year. His 23-4 touchdown-to-interception ratio turned heads, and he gained playoff experience in his first season.

While Dallas missed the playoffs in his second season, he was a Pro Bowler and NFC East champion again in 2018 behind 3,885 passing yards, 22 touchdown throws and eight interceptions.

Prescott was even better from a statistical standpoint in 2019 with a career-best 4,902 passing yards and 33 total touchdowns.