The Dallas Cowboys could always surprise, but it's hardly shocking that they've yet to make progress in contract talks with star wide receiver George Pickens.
Pickens received the non-exclusive franchise tag in March, giving Dallas until July 15 to sign him to a multiyear extension. After that deadline, the 25-year-old would have to play on the one-year tender or hold out. However, he wouldn’t be paid during a holdout and would risk forfeiting the season if he didn’t report by Week 10.
The Cowboys are seemingly comfortable with Pickens playing on the tag and revisiting contract talks next offseason. That is a dangerous game, as his price will only increase as the WR market continues to evolve.
Sure enough, the Seattle Seahawks and All-Pro Jaxon Smith-Njigba have agreed to a massive contract extension. It's a four-year, $168.8 million extension that includes over $120 million in guaranteed money, per ESPN's Adam Schefter.
With a $42.15 million annual average value, Smith-Njigba has surpassed Ja'Marr Chase ($40.25 million) as the NFL's highest-paid wide receiver.
The Dallas Cowboys are going to pay (literally) for waiting to extend George Pickens
This is fantastic news for Pickens.
That doesn’t mean Pickens will land $40 million annually, even if he signs next offseason. Smith-Njigba followed a Pro Bowl 2024 season by winning Offensive Player of the Year after hauling in 119 passes for a league-leading 1,793 yards, firmly establishing himself as a top-five receiver.
Pickens’ stock skyrocketed in 2025, but he’ll need a similarly prolific 2026 to cement himself among the league’s elite and truly justify a $40 million per year price tag. Either way, Smith-Njigba’s contract has undeniably raised the baseline for a Pickens extension.
The one thing working against Pickens is his maturity concerns. There's a reason he was available for a third-round pick last offseason, and the Cowboys were the only team interested.
While Pickens proved to be a seamless fit in Dallas, he was reportedly fined multiple times for tardiness. That ultimately didn't affect his performance, but it's really difficult to gauge how much he's worth.
That could explain why the Cowboys used the non-exclusive tag, which allows Pickens to sign an offer sheet with another team. Dallas would have the right to match that sheet or let Pickens go and receive two first-round picks as compensation. If nothing else, they could learn how the league values Pickens.
Smith-Njigba is worth every penny of his new deal. Even if Pickens’ off-field concerns cap his earning potential, the NFL’s next-man-up nature will still drive up his price tag.