CLEVELAND — Jerry Jones approached Dak Prescott before the Dallas Cowboys practiced on Saturday.
“Now,” the team owner told his quarterback. “Let’s go. Now. Before kickoff.”
The duo shook hands, Jones says, and then the final caveats of a historic negotiation followed.
Prescott is not only once again the highest-paid player in NFL history. He also crossed that threshold by a large margin as the Cowboys and Prescott’s agent Todd France agreed to a four-year extension worth $240 million with $231 million guaranteed, France posted on Instagram
Prescott’s $60 million annual average salary — a figure Jones confirmed Sunday afternoon in the tunnel before the Cowboys kicked off against the Cleveland Browns — bests the previous three record-holders by a full $5 million per year.
His $231 million guaranteed not only raises his percentage of guarantees from 90% on his last contract to 96.3% on this one — it also breaks the previous guarantee record of $230 million, a value belonging to the quarterback whom Prescott faces the day of his deal: Deshaun Watson.
Cowboys executive vice president Stephen Jones, who spearheads most team negotiations these days, said signing Prescott after receiver CeeDee Lamb was long the Cowboys’ goal.
Did the $60 million figure scare them?
“You always want less,” Stephen Jones told Yahoo Sports. “But at the end of the day, that was the number it took and we want Dak to lead this football team.
“Good to get it in the rearview mirror.”
Agents and teams don’t always agree on announced contract terms. So I asked Jerry Jones to confirm Dak Prescott’s new deal averages $60 million/year.
“The figure is right,” Jerry confirmed. “I hope Dak is our quarterback for the rest of my time.” pic.twitter.com/Y5QK3DU4SF
— Jori Epstein (@JoriEpstein) September 8, 2024
Prescott couldn’t help but smile broadly Sunday before kickoff in the tunnel.
Jerry Jones said both parties were excited about hanging onto the quarterback whom the team owner hopes will lead the Cowboys for the rest of his life.
“What it means is a big commitment to the next five years [and] to our future, if you will,” said Jerry Jones, who will turn 82 next month. “I hope Dak is our quarterback for the rest of my time. And that’s not just limited to the terms of this contract, either. I have a lot of confidence in him.
“And Dak’s making a commitment to us, which I think is very special.”
Prescott’s commitment was agreeing to an extension with the Cowboys now rather than waiting to test the open market after this season. He held a massive amount of leverage, both as the 2023 touchdown leader and runner-up MVP in a time when NFL quarterback demand far outweighs its supply, and in knowing no Cowboys succession plan was in sight.
Prescott’s 2020 extension all but eliminated the Cowboys’ ability to designate him in 2024 with the franchise tag. The fear of losing Prescott seemed to kick in as the hours ticked down toward his final year under contract.
Jones acknowledged the criticism he receives from fans who do not believe he gives the Cowboys every chance to win.
“They might disagree with the decision, but anything short of a commitment is just not the case with me,” Jones said. “Making him the highest-paid player in the history of the NFL — that’s what I’m doing for the fans.”
Jones said the deal was held up not over belief in Prescott but instead over financial negotiations that would allow Dallas to build a team around him. Last week, the Cowboys gave receiver CeeDee Lamb a $34 million per year extension that compensates him second-highest among non-quarterbacks in NFL history.
Jerry Jones says Dak negotiations weren’t about belief in QB. They were about cost at which Cowboys felt confident building around Dak.
“We’re going to be able to get players around him that give us a chance to compete for a Super Bowl. He was our best chance of getting one.” pic.twitter.com/XEPTLz0fu8
— Jori Epstein (@JoriEpstein) September 8, 2024
Edge rusher Micah Parsons could be next in 2025.
“I think it impacts it,” Jones said. “Any player you sign [is going to] impact it. The real question is the rest of the story, and that is how do things evolve? Where are we when that time comes?
“You’ve got to have a plan, and believe you me, I’m thinking ahead — always have when it comes to Cowboys.”
Jones isn’t just thinking ahead to next season. He’s also thinking ahead to how the 2024 season could elapse for the Cowboys. Signing Prescott is about advancing in the playoffs, Jones said.
“We got the structure of the team in a place that gives us a shot to compete for the championship,” Jones said. “We’re going to be able to get players around him that give us a chance to compete for a Super Bowl
“He was our best chance of getting one.”
