Panic time for Prescott, Cowboys? Not yet, but it's close

From the moment the Cowboys season ended, Dak Prescott has been the primary topic of conversation in and about Dallas. The NFL’s MVP runner-up only has one year remaining on his deal. Slatted to count $55 million against the salary cap in 2024, the question wasn’t really “if” he’d be extended, but rather “when” and “for how much?”

A deal that should have been done at least five months ago, however, remains unsettled today. With just days before training camp kicks off in Oxnard, the question now becomes, is it time to panic?

As days ticked by, “if” began to gain traction. The answer to “how much” also took shape as various franchise quarterbacks starting inking extensions of their own across the league. Public statements from the Cowboys remained vague. Mentions of pie and an almost pathological focus on just the short-term rained down incessantly from the front office.

As spring turned to summer, even Prescott — a company man and certified optimist — began showing signs of unsureness. Stories of a possible liquidity issue surfaced as an explanation as to why the Cowboys were refusing to spend over the offseason.

The Prescott situation has loomed large over the offseason and threatens to remain a disruptive storyline for as long as the issue stays unresolved.

Based on the Cowboys way of doing things in the past, the best answer to whether it’s time to panic yet is a soft no.

Jerry and Stephen Jones are firm believers in the adage “deadlines make deals” and after getting taken to the woodshed by Prescott’s agent Todd France last contract negotiation, they probably aren’t overly eager to jump into negotiations before they absolutely must.

But make no mistake, the 11th hour is fast approaching and if some sort of extension isn’t hammered out soon, the Cowboys are likely to be left high and dry at the QB position.

Week 1 of the 2024 NFL season should be seen as an unofficial deadline for Prescott. If a deal isn’t struck by then, it’s officially panic time in Dallas. Prescott’s no-trade and no-franchise tag clauses in his contract give him massive leverage. If allowed to hit the open market in 2025, he’s almost sure to reset the market to a gargantuan degree. Prescott knows this, as do the Joneses.

The sweet spot for an extension is early in camp. It’s a scheduled event that will bring both sides together naturally. The market has essentially been set in the $55 million to $60 million range so the majority of the haggling will come down to length and guarantees. Since the Cowboys have virtually no leverage, it’s safe to say Prescott will win both categories.

It’s unlikely the Cowboys were ever going to negotiate much with Prescott before training camp because it’s not their nature to do so. Once camp begins, they’re officially on the clock. Each day that goes by should bring corresponding tension and unease. No one needs to be nervous today. If he’s still unsigned after training camp? That’s a different story.