Dak Prescott Rumors: Latest News on Contract Negotiations with Cowboys

Dak Prescott knows he will be playing the 2020 season for the Dallas Cowboys, but that is the only decision that has been made about his future.

The quarterback and the Cowboys have been trying to work on a long-term contract for some time, but nothing has come from the negotiations. Dallas consequently applied the franchise tag to Prescott for the 2020 campaign to ensure it has his services for at least one more season.

According to Calvin Watkins of the Dallas Morning News, "the Cowboys have offered Dak Prescott one of the largest contracts in NFL history."

However, there is an issue with the length of the deal; Prescott is looking for a four-year contract, but the Cowboys want it to be five years, as Watkins noted.

The thinking behind a shorter deal from Prescott's perspective is that it would allow him to negotiate a better contract when he is 30. At that juncture, Prescott could be more valuable to the Cowboys and may ask for money similar to what Patrick Mahomes and others get in contracts agreed upon in the future.

As of now, Prescott is signed for the 2020 season, and he will make $33 million under the franchise tag, per NFL Network's Jane Slater.

Nick Eatman of the team's official site mentioned the Cowboys chose the exclusive franchise tag worth around $33 million over the non-exclusive franchise tag, which would have paid Prescott $28 million.

With the franchise tag applied, Prescott is in line to make significantly more money than he did during the 2019 campaign. His base salary last year was $2,025,000, and he has made $3,645,000 in base salaries over his four seasons with the Cowboys.

The increase makes him the third-most valuable quarterback in terms of salary-cap hit for 2020 behind Jared Goff of the Los Angeles Rams and Ben Roethlisberger of the Pittsburgh Steelers.

Prescott has consistently proved that he is worth the large payday, as he has put together a quartet of 3,000-yard passing seasons. In 2019, Prescott recorded 4,902 passing yards with Amari Cooper at his disposal, and if the quarterback inks a long-term deal with the Cowboys, the two could work together for some time given the wide receiver recently signed a five-year contract in Dallas.

A new deal with the Cowboys makes the most sense for both parties, but what will matter most is the little details, including length and structure, which appear to be the hindrances on the negotiations.

Follow Joe on Twitter, @JTansey90. Statistics obtained from Pro Football Reference. Contract information obtained from Spotrac.