Dak Prescott Rumors: Cowboys Contract Talks Not Scheduled Ahead of Deadline

The Dallas Cowboys and quarterback Dak Prescott "remain dug in and no further talks are scheduled" regarding a long-term extension, according to NFL Network's Ian Rapoport and Tom Pelissero.

Jeremy Fowler of ESPN added the two sides are "unlikely" to reach a contract before Wednesday's deadline.

The Cowboys placed the exclusive franchise tag on Prescott in March, which will pay him $31.4 million for the 2020 NFL season. Dallas has until 4 p.m. ET on Wednesday to finalize a new contract before the one-year tender goes into effect.

NBC Sports' Chris Simms (h/t CowboyMaven's Mike Fisher) reported in May the Cowboys had offered a five-year, $175 million deal to Prescott, but that he was looking to sign for only four years and thus wanted a fifth year to be worth $45 million.

Rapoport and ESPN's Adam Schefter refuted the report:

Patrick Mahomes' record-setting extension has likely complicated matters. Last week, the Chiefs handed Mahomes a 10-year deal worth up to $503 million, and his $45 million annual salary is now the highest in the NFL.

Prescott almost certainly can't match that on the open market, but the deal might have raised his asking price.

Unless Prescott is willing to sit out like running back Le'Veon Bell did in 2018, the Cowboys can at least count on having him signed for the upcoming season.

The danger in letting Wednesday's deadline pass without an extension is that the cost to re-sign Prescott probably won't be any less in 2021. Even triggering the franchise tag for a second time would mean assuming a $37.7 million cap hit.

The Washington NFL team backed itself into a corner when it couldn't get Kirk Cousins locked down on a multiyear contract and franchise-tagged him in 2016 and 2017. Washington then watched him sign a three-year, $84 million deal with the Minnesota Vikings in 2018.

A similar scenario could play out with the Cowboys and their star quarterback.