National Football League

Cowboys, Dak Prescott reportedly have understanding that QB won't be extended

Updated Mar. 26, 2024 2:34 p.m. ET

It seems increasingly likely that Dak Prescott will enter the 2024 season without a contract extension.

The Dallas Cowboys and their star quarterback have a mutual understanding that he won't be extended ahead of the 2024 season, NFL Media reported Tuesday.

"We are where we are, locked and loaded for this year," Cowboys owner Jerry Jones told reporters at the NFL's league meetings on Prescott's contract situation.

Prescott is entering the final season of a four-year, $160 million deal he signed with the Cowboys in 2021, potentially making him a rare established starting quarterback to enter a lame-duck season.

Even though there is a reported mutual understanding between the Cowboys and their quarterback, Prescott recently indicated that he'd like an extension.

"I'm definitely confident," Prescott said about his contract situation in the first week of March. "Obviously, it helps the team. It's important for the numbers. I think I've heard Jerry [Jones] say that. … It is a process. Both sides understand that. Everything's great.

"It'll happen."

However, Jones' commentary on the matter has been a bit different. When he spoke with reporters at the combine, Jones said that while he doesn't "fear" 2024 being Prescott's last season in Dallas, the team also "doesn't need to" extend the quarterback this offseason.

The Cowboys owner didn't comment on where negotiations stand with Prescott when he spoke with reporters on Sunday, but he did state his confidence in their long-time starting quarterback.

"I think there are a handful or more of quarterbacks playing who haven't won a Super Bowl that will win a Super Bowl," Jones said. "I think Dak is one of them. I'm firm there. He's one of the ones who can."

Still, the Cowboys run the risk of potentially losing Prescott if they don't extend him. The Cowboys had trouble agreeing to a long-term extension with Prescott the last time his contract expired, placing the franchise tag on him twice before coming to terms on a deal.

Making matters a bit more complicated for the Cowboys, Prescott recently restructured his contract. The move opened up $4 million in cap space but also added two extra void years to Prescott's contract, potentially putting Dallas on the hook for dead money for four straight seasons if Prescott leaves.

Cowboys going ‘all-in’ translates to not extending Dak Prescott, per report

Jones has reiterated throughout the offseason that the Cowboys are "all-in" for the 2024 season following a disappointing finish to 2023. After an impressive 12-5 regular season and an NFC East title, the Cowboys were upset in the wild-card round at home by the Green Bay Packers, losing 48-32 to become the first team to lose to a seventh seed in the playoffs.

Despite the hot seat rumors, Jones opted to retain head coach Mike McCarthy for the 2024 season. Similar to Prescott though, McCarthy wasn't extended, making the upcoming season a contract year for him, too.

The 30-year-old Prescott arguably played the best football in his career in 2023. He had career-bests in completion percentage (69.5) and passer rating (105.9) and threw for the second-most yards (4,516) and touchdowns (36) in his eight-year career. He earned second-team All-Pro honors as a result.