With the new NFL season almost on the horizon, the Dallas Cowboys have yet to sign their star QB. Every season, Jerry Jones doesn’t seem to get himself out through a tapestry of numbers. However, this time it could prove costly, as Dak Prescott is entering the last season of his current contract.

Dak got his third Pro Bowler nod last season. Shedding light on this contractual situation, 2x Super Bowl Champion Damien Woody issued a warning to the Cowboys owner. Appearing on Get Up ESPN, Woody stated, “If it gets to the season I think Dak Prescott is gone I think he is gone. Because what incentive does Dak have to do a contract right now? Me personally I am not even thinking about a contract right now.

Woody goes on to express that in his view, Prescott shouldn’t be thinking about a contract right now. Instead, he should play out his $160 million contract and wait to hit unrestricted free agency next season. Woody continues, “Every player wants to get to unrestricted free agency. Dak gets to unrestricted free agency, which he has every right all the leverage. Dak is going to get paid an insane amount of money.”

Speaking about leverage, Prescott does have the numbers to stage a strong claim on his contract extension. Having completed 69.5 percent of his passes for 4,516 yards while leading the NFL charts with 36 TDs against just nine interceptions, Prescott helped the Cowboys win the NFC East crown with a 38-10 scoreline against the Washington Commanders. Meanwhile, Woody also pointed out how Dak could use the rising QB market valuation to his advantage.

Bengals QB Joe Burrow recently signed a contract extension worth $55 million per year. Jared Goff signed a four-year deal with the Detroit Lions for an average of $53.5 million per year. Trevor Lawrence of the Jaguars was also rewarded with a five-year, $275 million contract, thereby pushing the QB market to greater heights. However, it remains to be seen whether the Cowboys owner can justify his ‘all-in’ comment, referring to key extensions.

Otherwise, Dak Prescott might test free agency next season, with Jones still having a 34-day window to wrap it up.

How Dak Prescott’s contract extension could affect the Cowboys financially

Currently, Dallas possesses roughly $4.6 million in cap space. Prescott is entering the final year of his contract with a cap hit of $55.5 million, so his cash value would stand at $34 million going into the 2024 NFL season. As ESPN’s Todd Archer points out, the Cowboys can choose to restructure his current deal by converting some of his base salary into bonuses, thereby helping them save up to $18 million if Prescott doesn’t hit those clauses.

But due to limited cap space, the Cowboys roster has only added RB Ezekiel Elliott and LB Eric Kendricks with no guarantees of sublime returns. Moreover, the 17-game starter last season, CB Stephon Gilmore, is yet to re-sign his contract. Jones has also given priority to CeeDee Lamb contract circus amid a continuing ‘hold-out’. With Lamb entering his fifth-year option of rookie contract and rising wide receivers valuation, the Cowboys owner is yet to solve that hurdle while Prescott’s situation enters its final days.

Responding to his contractual dilemma, Prescott said, “At the end of the day, it’s a business. I want to be here. But you know when you look up all the great quarterbacks I watched played for other teams. My point in saying that is, that’s not something to fear.” If Dak did end up signing his contract extension before the new season starts. This would mean that Dallas will go into 2025 with a cap space significantly smaller than $71.6 million under current projections. Therefore, only time will tell whether Jones decides to keep Dak on board or let him leave in unrestricted free agency next season.