It was disappointing but not surprising to see George Pickens franchise-tagged by the Dallas Cowboys, but as free agency unfolds, there could be a tipping point where Pickens starts to feel increasingly left out.
Pickens is estimated to make $28.824 million on the franchise tag. The team still has until July 15 to work out a long-term deal. If they don't, Pickens will, in all likelihood, play on the tag in 2026.
That gives Dallas more time to hammer out an extension, but it might not take long for Pickens to grow frustrated, especially with Colts wide receiver Alec Pierce expected to land a deal in the same range, if not higher, on the open market.
Chad Graff of The Athletic predicts Pierce to get a four-year, $104 million deal from the New England Patriots. That averages out to $26 million per year. Meanwhile, Spotrac has Pierce's value closer to $30 million per year.
That raises the question of what Pickens' value actually is. If someone like Pierce gets $30 million a year, Pickens is worth at least $35 million annually, and it seems doubtful that the Cowboys would be willing to pay him that much.
Alec Pierce's contract could determine if the Dallas Cowboys extend George Pickens
Pickens was one of the most efficient players at his position in what was essentially a prove-it year. After finishing with 93 receptions, 1,429 receiving yards (third in the NFL) and nine touchdowns, it’s safe to say Pickens did more than enough to justify a big payday.
If Pierce’s next contract ends up exceeding $30 million, it'll be that much more difficult for the Cowboys to sign him to a multiyear deal.
This is not to say Pierce isn't a rising star in the NFL. In fact, he's a serious vertical threat who just had the best season of his NFL career, eclipsing 1,000 receiving yards for the first time in his career.
Having said that, Pickens was way more valuable than Pierce this season, and Pickens watching Pierce make more than him on a long-term deal would justify him skipping voluntary season workouts. It's already expected that he would do that, but Pierce's contract gives him even more justification.
It would be understandable if Pickens grows frustrated with Pierce’s new contract — not because Pierce didn’t earn it, but because Pickens is arguably more deserving of a deal that reflects the season he just had. Few expected Pickens to break out the way he did in 2025, but that’s exactly what happened, as he earned Second-Team All-Pro honors.
Fortunately, the Cowboys used the non-exclusive franchise tag on Pickens. The move allows Pickens to negotiate with other teams, but Dallas holds the right to match any offer or receive draft capital equivalent to two first-round draft picks. A smart move by the organization if things do go south.
It wouldn't be a Cowboys offseason without some kind of drama. It does not benefit Dallas to have Pickens play on the franchise tag next season. Period.