The Dallas Cowboys are currently negotiating with Dak Prescott about a contract extension. Here is one huge reason why now is the smartest time to do it.
The NFL is a very habitual league. Whether it be the routines of practice, gameday preparation, or how teams start to ramp it up for the season, for the most part, it is all ritualistic in nature. When it comes to paying players, and specifically with quarterbacks in mind, this is also the case and the Dallas Cowboys are being wise to get ahead of the curve so to speak.
Often times when discussing an NFL quarterback’s next or upcoming deal, a term you often here is “market rate”. Another key phrase that gets thrown around in these instances is “what the market dictates”. This essentially means that most times a quarterback isn’t paid based solely on his past production or his potential future production, but also based on what another quarterback got paid relative to that quarterback in question.
These factors were seemingly at the forefront of the Philadelphia Eagles decision makers’ mind when they inked Carson Wentz to a deal that could be worth as much as $153 million dollars, but guarantee’s the quarterback at least $107 million over the next six years. In the NFL, the latest quarterback to get paid has a great chance to become the highest paid quarterback ever, and all while the next quarterback to be paid will likely outdo those numbers.
While Dak Prescott is the player in question here, what might be the rush? Many are asking if the Dallas Cowboys should just wait until the end of this season while seeing how he continues to perform and then go into a negotiation to get a new deal done. That would not be the smartest move for the Cowboys, and this quote from ESPN’s Adam Schefter tells the story.
The Chiefs are expected to extend Mahomes’ contract after next season, the first time the MVP candidate is eligible for an extension, and he could land the NFL’s first $200 million contract, league sources told ESPN.
Before everyone gets in an uproar, this isn’t to say that Dak should be paid the same or close to what the NFL MVP Patrick Mahomes will be paid. What this does point to and indicates is that whenever Mahomes does sign his extension or new deal, he will definitely reset the market. If the Cowboys were to ever wait, Dak and his representation would probably also want to play the waiting game while standing by to see Mahomes flip the market on its head.
There isn’t a safe estimate of how much different a current contract extension would be for Prescott as compared to what it could be after Mahomes signs a new deal, but the one thing we do know is that we are always talking millions here. The Dallas Cowboys are not only playing it smart by attempting to lock up the guy that they fully believe is the future of the Cowboys, but they are doing so before the market rate rises exponentially.
Patrick Mahomes will most likely get something close to what Schefter reported, while Carson Wentz is in the neighborhood of $32 million annually. Even if Dak is eventually slightly higher paid than Wentz after these negotiations, the Cowboys don’t have to worry about that number being dictated by a $200 million dollar deal signed by another quarterback. This is one of the biggest reasons why getting Dak Prescott locked up now is smart on the Cowboys’ behalf.