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The Cowboys and Prescott (ankle) agreed to a four-year, $160 million contract, which includes $126 million guaranteed, Mike Garafolo of NFL Network reports.

Among the terms of the deal, Prescott received a record-setting $66 million signing bonus and will earn $75 million in 2021, Schefter notes. Schefter added that the Cowboys will place the franchise tag on Prescott on Tuesday, which is a procedural move so they can't use the tag on the quarterback again in the future. With his home for the next four campaigns known, Prescott will resume his recovery from a season-ending ankle injury with an aim toward being healthy for training camp.

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