Ian Rapoport of the NFL Network reported the update Thursday:
The Cowboys used the franchise tag on Prescott in mid-March, which locked him into the organization for another year with a projected $28.7 million cap hit for 2020, per Spotrac.
ESPN's Ed Werder provided further details about the talks:
Ed Werder @WerderEdESPN
A source on #Cowboys negotiations with QB Dak Prescott wouldn’t describe a contract resolution as close but said discussions not contentious and Prescott will emerge as highest-paid NFL player. Fact April 6 offseason start postponed is factor in that it eliminated team deadline.
In January, the 26-year-old Mississippi State product wouldn't commit to taking part in any offseason work with the team if the franchise tag was utilized.
"We'll get to that when we get to that," Prescott told reporters. "I look forward to talking to my agents and when that [tag] comes to play, the direction that we'll go. Until that's a reality, I won't worry about it."
The highest-paid label can be interpreted a few different ways. Here's a look at the numbers Prescott would have to exceed in order to reach the various marks, according to Spotrac:
- 2020 Total Cash: $53 million (Russell Wilson)
- 2020 Base Salary: $23.8 million (Jimmy Garoppolo)
- Average Salary: $35 million (Wilson)
- Guaranteed Money: $110 million (Jared Goff)
- Total Contract Value: $150 million (Matt Ryan)
Even if Prescott receives more guaranteed money than Goff or a greater total value than Ryan, his new record will likely be short-lived with the Kansas City Chiefs' Patrick Mahomes due for a new contract soon.
The Louisiana native is coming off a strong 2019 campaign where he completed 65.1 percent of his throws for 4,902 yards with 30 touchdowns and 11 interceptions. He ranked fourth in ESPN's Total QBR (70.2) and 11th in passer rating (99.7).
He's earned two Pro Bowl selections since the Cowboys selected him in the fourth round of the 2016 draft.