According to ESPN's Adam Schefter, the Cowboys reached an agreement with Prescott on a four-year, $160 million deal that features a record $126 million in guaranteed money. Schefter noted the deal features a $66 million signing bonus and $75 million in the first year, which is also a record, and could be worth up to $164 million.
"The Dallas Cowboys agreed to terms on a new contract with quarterback Dak Prescott on Monday," the Cowboys said in a statement, per NFL Network's Jane Slater. "Further information and details will be released at a formal press announcement on Wednesday."
Prior to this deal, Prescott played on a four-year contract worth $2.7 million from 2016-19 and a $31.4 million franchise tag in 2020, per Spotrac. Adding in his signing bonus and incentives, that means his career earnings through this deal will be $196.3 million.
Based on the Mississippi State product's early production, it seemed like a matter of time before he landed such a notable contract.
The fourth-round pick was a Pro Bowler and Offensive Rookie of the Year in his first season in 2016, a Pro Bowler again in 2018 and threw for 4,902 yards, 30 touchdowns and 11 interceptions in 2019. Prescott had more than 3,300 passing yards in each of his first four seasons and led the Cowboys to the playoffs twice during that span.
Prescott was leading the league with 1,690 passing yards through the first four games of the 2020 campaign while playing on a franchise tag.
However, the Louisiana native suffered a season-ending ankle injury against the New York Giants in October, which raised some questions about his future. Dallas not only had to decide whether it was going to bring its star quarterback back on a massive deal, but it also had to weigh his health as part of its decision.
This contract indicates the team clearly believes Prescott will remain productive even as he returns from this injury.
He is also 27 years old and theoretically in the middle of his prime.
Now, he will turn his attention toward winning his first career Super Bowl while on a historic contract.