FRISCO, Texas (KXAN) — The Dallas Cowboys announced Monday that they have agreed to a new deal with quarterback Dak Prescott after years of negotiation between the two sides.
In a release, the Cowboys said more information and details on the agreement will be released at a formal press announcement on Wednesday.
ESPN’s Adam Schefter reports the deal could be worth up $164 million for four years. Schefter reports the guaranteed money in the contract is a “record” $126 million. Both sides are getting a win on this deal.
Prescott’s average annual salary will be around $40 million, which makes him the second-highest paid quarterback in the NFL. He’ll also be making the most total guaranteed money in the league — ahead of Kansas City’s Patrick Mahomes.
No quarterback is touching Mahomes’ $450 million total deal from the Chiefs. Prescott’s $160 million will be the second most in the league, just ahead of Houston’s Deshaun Watson and Seattle’s Russell Wilson.
The Cowboys win in the deal by getting some long term security and the ability to spread the money out over the course of four seasons. It’s clear Dallas needs Prescott’s talent on the field. The Cowboys went 4-7 without him for most of the 2020 season.
Prescott’s brother shared a photo on Twitter Monday after the news broke, showing the two hugging with the caption — “When your little brother gets the call. Let’s go Dak time to win the Dallas Cowboys a Super Bowl.”
Prescott’s 2020 season was cut short after he suffered a severe ankle injury in Week 5 that ruled him out for the remainder of the year.
Tuesday is the original franchise tag deadline. Prescott played the 2020 season under the franchise tag for $31.4 million. There had been speculation that Prescott was heading for a second season under the franchise tag.