Cowboys restructure three contracts, including Dak Prescott's, to set stage for Jerry Jones' spending spree
Dallas now has the financial flexibility to acquire much-needed help in free agency
The Dallas Cowboys are under the salary cap. After restructuring the contracts of quarterback Dak Prescott, wide receiver CeeDee Lamb and guard Tyler Smith, the Cowboys cleared about $66 million cap space and now have approximately $11 million in room before the start of free agency, per ESPN.
The financial gymnastics pushed each player's cap burden down the road and reduced their base salary for the 2026 season. Prescott, for one, was set to make $40 million but is now reportedly scheduled to earn $1.8 million this season while the massive difference is converted to a signing bonus. None of the players are taking pay cuts as a result of the accounting adjustments.
More moves are likely on the horizon. Jones said last week at the NFL Scouting Combine that he plans on restructuring the contracts of defensive tackle trio Quinnen Williams, Kenny Clark and Osa Odighizuwa.
The idea is to trade future flexibility for immediate cap space, setting the stage for a roster-building push that could get Dallas back into the postseason picture this year.
Contract restructuring affords the Cowboys more budgetary latitude as they embark on their search for help in this month's free agency period. Owner and general manager Jerry Jones said he is prepared to spend more money than usual this offseason after missing the playoffs in consecutive years. Now he has the ability to do so.
Cowboys can pay Brandon Aubrey
Among Dallas' top priorities this offseason is to keep star kicker Brandon Aubrey in town on a larger, long-term contract. Retaining perhaps the strongest and most accurate leg in the league will come with a historic price, though. The Cowboys reportedly made the largest offer to a kicker in NFL history, surpassing the $6.4 million annual salary the Kansas City Chiefs agreed to pay Harrison Butker.
Aubrey, a restricted free agent, has a higher asking price. His agent asked for a $10 million deal amid a negotiation process that has been ongoing since before the start of last season.
Coming to terms on an extension before the start of free agency on March 11 would eliminate the risk that Aubrey leaves. But even as teams potentially line up to pry him away from Dallas, the Cowboys have options to dissuade his suitors including tenders estimated to be priced as high as an estimated $8 million.
George Pickens could get his long-term deal
The Cowboys will retain George Pickens' rights in 2026 after they placed the franchise tag last week on their standout receiver. Both sides remain in search of a long-term contract that would keep Pickens paired with Lamb in one of the NFL's most electric receiving tandems. Depending on how much cap space Dallas clears by the time its restructuring is complete, it could pay now and avoid dragging negotiations into next season.
It is not a foregone conclusion that Pickens remains in Dallas, though, and the Cowboys may be better served to use their savings on positions of greater need. They also remain open to the idea of trading Pickens, according to NFL Media, and teams will have the opportunity to negotiate with him due to the Cowboys' use of a non-exclusive tag.
Defensive help becomes attainable
All of the Cowboys' most glaring needs this offseason reside on the defensive side of the ball. The 2025 unit surrendered 30.1 points per game to rank dead last in the NFL and second-worst in franchise history. Help is necessary in all three levels as new coordinator Christian Parker steps in at the helm, and Jones is prepared to pay for it.
"I want to do everything we possibly can to stop somebody and to basically win some third downs more than we did last year," Jones said at the combine. "And so I think that would be the area that you would see me bust the budget."
This week's cap savings should put the Cowboys in the market for reasonably priced help at any or all of their positions of need -- namely edge rusher, linebacker, cornerback and safety. Potential fits in that realm include safety Reed Blankenship, whom Parker coached during their time together with the Philadelphia Eagles. Linebacker Nakobe Dean also spent time with Parker in Philadelphia and will be available in free agency, as well.
If the Cowboys look outside the Parker tree, linebacker Quincy Williams and cornerback Cobie Durant are also among those who could provide immediate help within their price range.
