The Dallas Cowboys were poised to start the 2024 NFL season with quarterback Dak Prescott playing under an expiring contract. However, just a day before facing the Cleveland Browns, the Cowboys and Prescott reached a long-term extension agreement, ensuring the veteran quarterback remains in Dallas.
Prescott shared that Cowboys owner Jerry Jones approached him before practice, expressing a desire to finalize the deal. “He said, ‘Let’s surprise the world.’ It somewhat surprised me, but it got done. It was short and sweet,” Prescott recalled, as reported by USA Today’s Chris Bumbaca. Jones reassured Prescott that they were committed to finding a mutual agreement.
At 81 years old, Jones expressed his satisfaction with the deal, stating his hope that Prescott remains their quarterback for years to come, beyond just the terms of the new contract. “There’s a lot of me that hopes Dak is our quarterback for the rest of my time,” Jones remarked.
Prescott signed a record-setting contract, the details of which include a four-year extension valued at $240 million, with an annual average value (AAV) of $60 million. He received $231 million in guaranteed money. This extension builds on the one-year remaining in his previous $160 million contract, tying Prescott to the Cowboys through the 2028 season, when he will be 35 years old.
The new extension will see Prescott carry an annual salary cap hit of at least $62 million, although the team may look to restructure the contract to manage these costs if necessary, a common practice in the NFL.
With this agreement, Prescott has become the highest-paid player in the NFL based on AAV, surpassing Joe Burrow, Trevor Lawrence, and Jordan Love by $5 million. Furthermore, Prescott’s signing includes the most guaranteed money ever in the league, topping Deshaun Watson’s previous record by $1 million.
Despite Prescott’s impressive financial numbers, the overall value of his contract ranks only eighth in the league, with Kansas City Chiefs quarterback Patrick Mahomes leading with a $450 million deal. Other high-value contracts include those of Burrow and Lawrence, who can earn up to $275 million.
In terms of NFL contracts, the top ten highest earners this season are all quarterbacks. Prescott’s AAV, guaranteed money, and total contract value place him among the elite players in the league. As for non-quarterbacks, Justin Jefferson holds the top spot in AAV at $35 million annually, while Nick Bosa has the largest total contract at $170 million.