Cowboys Rumors: Breaking Down Latest Buzz on Dak Prescott's Contract Talks

With the bulk of their free-agent spending completed, the Dallas Cowboys have reportedly shifted to more negotiations with quarterback Dak Prescott over a long-term contract.

Dallas placed the franchise tag on Prescott to secure his services for the 2020 NFL campaign, but the future of the 26-year-old remains up in the air.

According to ESPN's Ed Werder, the talks between the two parties have not reached a conclusion, but he said "Prescott will emerge as highest-paid NFL player."

NFL Network's Ian Rapoport provided more insight into the timeline of negotiations between the two parties dating back to the start of the 2019 regular season:

"What we know right now is the Cowboys and Dak Prescott's agent Todd France are negotiating. That in itself is a good sign.

"Around Week 1 or Week 2 they made an offer and at that point got relatively close to a deal, but nothing got done. Then, at the combine, the Cowboys have another offer. At that point, a deal did not get done either. Then they gave him the exclusive franchise tag. Everyone caught their breath a little bit and now they are back talking."

Rapoport also mentioned Prescott may want to wait for other quarterback deals to be completed before signing, while there are some complexities to finalizing the deal, like guaranteed money and structure.

Russell Wilson is the highest-paid quarterback in the NFL at $35 million per year, and a handful of players make between $32 and $34 million. Carson Wentz, Kirk Cousins, Jared Goff, Aaron Rodgers and Ben Roethlisberger make up the group directly beneath Wilson.

One notable name missing from that collection is Patrick Mahomes, who is in line for a major deal with the Kansas City Chiefs after winning Super Bowl LIV. Waiting to see how much Mahomes lands in his negotiations could be wise from Prescott's vantage point because it may earn him some extra cash.

Even if he does not hold out for a deal, Prescott could land money comparable to Wilson because of his importance to the Cowboys. Prescott owns a 40-24 record in four seasons with the NFC East side. He has thrown for at least 3,000 yards in every campaign and hit the 30-touchdown mark for the first time in 2019. 

During his career-best season, Prescott produced seven 300-yard games, and he eclipsed 400 yards in three of those outings. Prescott's totals might be higher in 2020, with Amari Cooper and Michael Gallup returning to the franchise after each putting together 1,000-yard receiving seasons.

A long-term contract would also allow Prescott to connect with head coach Mike McCarthy, who took the Green Bay Packers to the postseason on nine occasions over a 13-year tenure.

If McCarthy is able to gain a connection with Prescott, the two could lead the Cowboys to years of success in the NFC East and potentially contend for a championship.

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