NFL Trade Rumors: Dallas Cowboys Ink Record-Breaking Extension With Quarterback Dak Prescott

The Dallas Cowboys and quarterback Dak Prescott have finally put an end to the drama. According to ESPN's Adam Schefter, the Cowboys and their franchise passer have reached an agreement on a four-year, $240 million extension that will make Prescott the highest-paid player in NFL history.

A deadline deal: Hours before Dallas kicked off its season, it reached agreement with QB Dak Prescott on a four-year contract, $240 million extension that will make him the highest-paid player in NFL history and keep him in a Cowboys uniform for seasons to come, per sources. pic.twitter.com/ZsQmwcuoNA
— Adam Schefter (@AdamSchefter) September 8, 2024

The $60 million annual average of Prescott's deal shatters the previous high of $55 million, first set by Cincinnati Bengals quarterback Joe Burrow, then eventually matched by Jacksonville Jaguars quarterback Trevor Lawrence and Green Bay Packers quarterback Jordan Love. The reported $231 million in guarantees would also be a record.

The Cowboys and Prescott have been dancing around a potential extension since last summer. 2024 was the last year remaining on Prescott's previous deal, and he was ineligible for the franchise tag in 2025. Signing Prescott now puts to bed any possibility of a fraught free agency and will likely diminish this year's cap hit; he was set to count an astonishing $55.1 million.

Prescott's new deal will undoubtedly come with sticker shock to some, but he deserves to set a new bar for compensation at the quarterback position. 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. He's clearly a tier above Burrow, Lawrence, and Love as a player, and he carried significantly more leverage entering negotiations to boot.

Still, all that money will come with added expectations. So long as Prescott is the league's highest-paid player, his failures will be magnified. The Cowboys are 2-5 in the postseason since Prescott took over as starter. If he's going to go down as a Cowboys great, he'll need to start adding significant playoff success to his resume. Money is great, but respect will require championships.