The Dallas Cowboys failed to reach a long-term agreement with Dak Prescott ahead of Wednesday's deadline, though not for lack of trying.

Ian Rapoport of NFL Network previously reported there were “late talks” between Prescott and the team.

Ed Werder of ESPN shed some additional light on these late talks, reporting team representatives urgently reached out to Prescott and his agent, Todd France, in an effort to get a deal done.

Prescott reportedly spoke with Cowboys EVP Stephen Jones thanks in part to France.

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Werder added Jerry Jones and the rest of the Cowboys front office have a reputation for negotiating “directly and privately” when push comes to shove. But it seems additional talks did nothing to move the needle prior to the deadline.

Prescott also “disputed” NFL Network's Jane Slater's report suggesting he wanted to finalize a long-term deal ahead of the deadline.

Prescott will join Drew Brees (2005) and Kirk Cousins as one of just three quarterbacks to play out the season on the franchise tag. Cousins played two straight years on the franchise tag in 2016 and 2017, which might well end up being the case for the Cowboys star.

The former fourth-round pick will make $31.4 million on the tag this year, but that value increases to $37.69 million if he is tagged again next season.

Financially, it seems like a smart move for Prescott to turn down a long-term deal at $35 million in annual average. He will likely make nearly that much over the course of the next two years, and might have the opportunity to cash out for a larger price in the next few years.