5 moves the Cowboys can make to free up $70 million in cap space

Dallas Cowboys v Washington Commanders
Dallas Cowboys v Washington Commanders / Kara Durrette/GettyImages
4 of 4

1. Extend Dak Prescott ($26.2 million)

The Cowboys made their own mess with Dak Prescott's contract situation.

It took years for Prescott and the front office to agree to terms the first go around in 2021. Ultimately, Prescott inked a four-year, $160 million deal with $95 million fully guaranteed. The contract also included a no-tag clause and no-trade clause, which leaves Dallas without an easy out.

They could ride out 2024 with Prescott's $59 million cap hit and let him hit free agency next offseason, but that would derail any and all hope of adding talent to the 2024 squad. That obviously isn't conducive to the Cowboys exorcising their playoff demons.

Given the no-tag and no-trade clauses and the fact Prescott is fresh off his best statistical season and finishing second in MVP voting, the Cowboys only logical choice is to extend Prescott. He has more leverage than he did in the first round of negotiations, which is saying a lot.

There are questions about whether Prescott can lead Dallas to a Super Bowl, but he's very clearly a top-10 quarterback. His contract might look ugly when it's finalized, but so did his initial extension. Before long, it will become an afterthought.

More Cowboys news and analysis: