By trading for Stephon Gilmore and Brandin Cooks last offseason, the Dallas Cowboys made everyone believe they were all in to win a Super Bowl. They ended up four wins short and to add insult to injury, they were embarrassed at home in the first round of the playoffs.
The Cowboys don't have a hefty bill to compound the failure. but they're still $21 million over next season's projected salary cap, per Over The Cap. Luckily, the front office hasn't made any cap-crunching maneuvers yet and it's not like they have a twine of awful contracts on the books.
As always, there are multiple pathways for Dallas to not only become cap-compliant, but get significantly under the projected number in order to spend big. With five simple moves the Cowboys can ascend up the cap rankings.
5. Release Michael Gallup ($9.5 million)
The writing's been on the wall with Gallup for two seasons now. He might have been released last offseason if his contract allowed it. The Cowboys ruined any chance of that by restructuring his deal, but they finally have an out this offseason in the form of $9.5 million if they designate him as a post-June 1 cut.
Simply put, Gallup is making WR2 money to be the team's WR4. Second-year man Jalen Tolbert leapfrogged Gallup on the depth chart midseason. It's unfortunate, but Gallup hasn't been the same player since his ACL tear.
Among 109 qualified receivers this season, Gallup ranked 103rd in "open" rating, which essentially quantifies separation ability. Furthermore, the former third-round pick managed fewer receiving yards in 13 games this year than he did in 11 games in 2022 and in eight games in 2021.
Gallup's been on a downward trajectory since his breakout 2019 season. He failed to step up as the team's WR2 last season post-Amari Cooper trade and was such a net negative in 2023 that he was effectively benched despite getting ample chances early in the season to prove himself.
4 and 3. Restructure Trevon Diggs ($7.89 million) and Zack Martin ($12.92 million)
The Cowboys signed Trevon Diggs to a five-year, $97 million extension last summer. Diggs responded by playing at an All-Pro level before tearing his ACL in Week 3. His extension doesn't kick in until next season, however, and he'll account for a $15.36 million cap hit as a result.
That's more than palatable for a player of Diggs' caliber, but Dallas already reportedly plans to restructure Diggs' contract, according to ESPN's Todd Archer. Doing so would free up nearly $8 million on the cap. That could allow the front office to splurge on a marquee free agent or make two low-profile signings.
All-Pro guard Zack Martin is another restructure candidate, per Archer. Such a move would free up an extra $12.92 million A double restructure of Diggs and Martin would net the Cowboys an extra $20 million in cap space. That alone would give Dallas the flexibility to extend multiple players and make a blockbuster signing or trade.
An added bonus? Depending on the terms of the restructure, it could ensure that Martin is back for the 2025 season. If nothing else, it would increase the odds of Martin spending two more seasons with the Cowboys.
2. Extend CeeDee Lamb ($13.49 million)
Extending CeeDee Lamb might be the easiest decision the Cowboys make this offseason. Lamb announced himself as a top-five receiver in 2023. He finished third in Offensive Player of the Year voting and one could argue he should have finished ahead of Tyreek Hill for second place.
Lamb ranked first in targets and catches, as well as second in receiving yards and touchdown catches. In terms of advanced stats, no receiver had more yards after the catch than Lamb and he ranked third in passer rating when targeted and fourth in yards per route run, per Pro Football Focus (subscription required).
Having an elite WR is paramount to winning deep into January for teams that don't have Patrick Mahomes as their QB. Lamb was the lifeblood of the Cowboys offense this past season. He and Dak Prescott are arguably the best QB-WR duo in the league.
Extending No. 88 is a no-brainer. The immediate cap savings are just an added bonus and allow Jerry Jones to fulfill his "all-in" promise.
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.