NFL Trade Rumors: Dallas Cowboys Sign Wide Receiver CeeDee Lamb to Massive Extension

The Dallas Cowboys have finally committed to one of their stars for the long haul. According to ESPN's Adam Schefter, the Cowboys have agreed on a four-year, $136 million extension with wide receiver CeeDee Lamb that will tie him to the team through the 2028 season.

ESPN Sources: Cowboys and All-Pro WR CeeDee Lamb reached agreement today on a record four-year, $136 million deal that now makes him the second highest-paid non-QB in NFL history. The deal includes a $38 million signing bonus, the largest ever given to a wide receiver.

Tory… pic.twitter.com/sROENDZJ22
— Adam Schefter (@AdamSchefter) August 26, 2024

The deal makes Lamb the NFL's second-highest-paid wide receiver, behind only Minnesota Vikings megastar Justin Jefferson, who signed a four-year, $140 million extension earlier this offseason. The two pass catchers are now the two highest-paid non-quarterbacks in the league.

That it took as long as it did for Lamb to land his extension is perplexing, particularly given the precedent and point of reference provided by Jefferson's deal. Lamb was a first-team All-Pro in 2024 and set Cowboys franchise records for catches (135) and receiving yards (1749) last season. He's also only 25 years old and has appeared in 66 of a possible 67 games since entering the league as the Cowboys' 17th overall pick of the 2020 NFL Draft. He is unquestionably one of the league's most valuable players.

Now that business is settled with Lamb, the Cowboys can focus on locking up the other cornerstone of their offense: quarterback Dak Prescott. Prescott, who is ineligible for the franchise tag in 2025, will likely become the league's highest-paid player on his next deal. Since 2021, he's amassed a 31-14 record while averaging 262.8 passing yards per game, and the Cowboys have finished as the league's highest-scoring team in two of the past three seasons.

Jacksonville Jaguars quarterback Trevor Lawrence and Cincinnati Bengals quarterback Joe Burrow currently sport the league's richest contracts at $55 million per year. Prescott's accomplishments dwarf either of those players; he could command as much as $60 million per year.

The Cowboys have a very real claim to being the league's best offense. Maintaining it is about to get very, very expensive, and it could mean the team's resources begin to get stretched thin elsewhere. The Cowboys must be careful to avoid becoming victims of their own success.