“One hundred percent, I’m excited for it (an extension),” Prescott said on Tuesday via The Dallas Morning News’ Calvin Watkins.
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Prescott has two years remaining on his contract. An extension ensures he remains a Cowboy, but it’s intended to save cap space not reward him with an exorbitant payday.
Per Spotrac, the Cowboys are $18.7M over the cap and have 19 free agents. Additionally, Pro Bowl WR CeeDee Lamb, Prescott’s top target, has an impending fifth-year option.
Per ESPN’s Todd Archer, if Dallas restructures Prescott’s contract, it can save $22M in cap space, and an extension can create even more room.
Organizations like Kansas City, which is $17.8M under the cap, used lengthy QB deals to save. For example, Patrick Mahomes is under contract through 2031, but the Chiefs spread his salary over a long period. As a result, Mahomes’ 2023 salary is $5.5M, while Prescott’s 2023 salary is $31M.
Cowboys VP Stephen Jones is adamant about the extension because he told Archer the Cowboys need to “add a little juice” on offense.
Despite winning 12 games last season, Dallas finished 14th in passing yards.
It could try to sign free-agent WRs like JuJu Smith-Schuster and Odell Beckham Jr., yet each has a market value that exceeds $13M via Spotrac.
However, Prescott reworking his deal could make a splashy free-agent addition more feasible. Perhaps another reason, he seems willing to revise the deal.