FRISCO, Texas – Dak Prescott's long-awaited new contract is finally here.
The Cowboys announced Monday night that Prescott and the club have agreed to terms on a new deal. Terms have not been disclosed; further information and details will be released at a formal press announcement on Wednesday, the club said in a press release. According to multiple reports, it's a four-year deal worth at least $160 million that includes over $120 million guaranteed.
Both sides have agreed to terms before Tuesday's tentative NFL deadline to place a second straight franchise tag for Prescott. This year's one-year tag for quarterbacks is worth $37.7 million. While the full details aren't yet known, a new multi-year deal will conceivably help the Cowboys spread out the money and reduce the 2021 salary cap hit, creating more room to operate in free agency when the new league year begins next week.
The Cowboys and Prescott's representatives have been negotiating on and off for roughly two years once Prescott, 27, became eligible for a new contract in 2019 following his third NFL season. Last year Prescott played on a one-year, $31.4 million franchise tag before a compound ankle fracture and dislocation ended his season after five games.
The Cowboys have remained confident that Prescott will be cleared for on-field activities sometime this spring, and indeed, his injury rehab with the Cowboys' athletic training staff has been on track this offseason.
Now he has long-term security, too.
Prescott set career highs in 2019, the final year of his rookie contract that paid him about $2 million. His 4,902 passing yards were one yard short of Tony Romo's single-season franchise record, and he reached 30 touchdown passes for the first time ever. In 2020, he was on an early-season pace to set the NFL single-season record for passing yards (1,856) before the Oct. 11 ankle injury against the Giants.
Prescott's rise is among the most impressive in the league at any position, particularly at quarterback given its in-game demands and off-the-field scrutiny. Drafted in the fourth round out of Mississippi State in 2016, Prescott went from fourth string in the spring to starter by Week 1 following preseason injuries to former quarterback Tony Romo and Kellen Moore, who's now the Cowboys' offensive coordinator.
Prescott won NFL Offensive Rookie of the Year honors that season and the Cowboys won a franchise-record tying 13 games, with running back Ezekiel Elliott also claiming the NFL rushing title in his first year.
All along the Cowboys have stated that a new deal for Prescott was their top priority. And all along Prescott has maintained he wants to be a Cowboy his entire career.
Finally, a new deal is done.