The Dallas Cowboys and Dak Prescott have finalized a monumental four-year, $240 million contract extension, making Prescott the highest-paid player in NFL history. This extension ensures that the star quarterback will remain with the Cowboys through the 2028 season, solidifying his future with the franchise.
The deal also includes an astounding $231 million in guaranteed money, setting a new league record. This surpasses Deshaun Watson’s fully guaranteed $230 million contract with the Cleveland Browns, marking a historic moment in NFL contract negotiations.
Prescottโs contract boasts an average annual value of $60 million, making it the highest in NFL history. This figure surpasses the recent $55 million deals signed by Cincinnatiโs Joe Burrow, Green Bayโs Jordan Love, and Jacksonvilleโs Trevor Lawrence. While the Cowboys announced the agreement on Sunday morning, they did not disclose the specifics of the deal.
The record-breaking contract was finalized just hours before Dallasโ season opener against the Cleveland Browns. According to sources, the Cowboys and Prescott had been negotiating throughout the weekend to reach this monumental agreement.
In under two weeks, the Cowboys managed to make Dak Prescott the NFL’s highest-paid quarterback and secure wide receiver CeeDee Lamb as the league’s second-highest-paid receiver, keeping both stars under contract through 2028. This swift action ensures Dallas retains its core offensive players for years to come.
Prescott’s deal not only solidifies his role but also prevents the Cowboys from facing a potential salary cap crisis, allowing them to avoid the search for a franchise quarterback in 2025 through free agency, trade, or the draft. While this contract came together more quickly than Prescott’s previous record-setting deal, the negotiations were not without some drama.
Prescott was originally set to enter this season on the final year of his four-year, $160 million contract signed in 2021. However, negotiations between the Cowboys and Prescott had stalled throughout the offseason. Heading into the weekend, both parties knew they had to reach an agreement before the season began.
By securing a deal on Sunday, the Cowboys avoided the risk of Prescott becoming a free agent next winter, a scenario that would have likely attracted multiple teams in need of a quarterback. With the no-trade and no-franchise-tag clauses from his previous contract, Prescott would have entered free agency as a rare and highly sought-after quarterback still in his prime.
Sunday’s deal guarantees Prescott will remain in Dallas, where he has developed a solid rapport with head coach Mike McCarthy. Despite missing most of the 2020 season due to a severe ankle injury, Prescott has led the Cowboys to the playoffs in each of the last three seasons, contributing to McCarthy’s impressive 36-15 record during that span.
With this extension, Prescott has the opportunity to finish his career as the Cowboys’ all-time leader in wins, passing yards, touchdown passes, attempts, and completions. However, the ultimate goal for both Prescott and the Cowboys is to break the franchise’s nearly 30-year Super Bowl drought.
Prescott, 31, capped last season with 4,516 passing yards and a league-leading 36 touchdown passes. A three-time Pro Bowler, he ranks as the third-leading passer in Cowboys history, trailing only Tony Romo and Troy Aikman. His 202 career touchdown passes are second in franchise history, behind only Romoโs 248.
Though Prescott has led the Cowboys to the postseason five times (2016, 2018, 2021-23), they have yet to advance past the divisional round. In 2016, despite securing home-field advantage, Dallas was eliminated in the divisional round by the Green Bay Packers, then coached by Mike McCarthy.
Last season, the Cowboys were eliminated by the Green Bay Packers in the wild-card round. Despite Prescottโs impressive 403 passing yards and three touchdown passes, two interceptions and an early 27-0 deficit allowed Green Bay to seize control of the game.
The Cowboys’ last championship win was in Super Bowl XXX with Troy Aikman at quarterback. They havenโt reached the NFC Championship Game since the 1995 season, with only the Washington Commanders enduring a longer NFC title drought.
Prescott has embraced the pressure of delivering a Super Bowl and living up to the legacy of Hall of Famers Roger Staubach and Aikman. Beyond football, he actively supports the community through his Faith, Fight, and Finish Foundation. In 2022, Prescott was honored with the prestigious Walter Payton Man of the Year award for his charitable contributions.
