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.
There was some late talks between the #Cowboys and Dak Prescott’s camp. It didn’t seem to gain much traction. And so, Dak plays on the tag and will go another season on a 1-year deal. https://t.co/TCdssoRL00
— Ian Rapoport (@RapSheet) July 15, 2020
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.
Source: Before the NFL deadline Tuesday for teams to sign franchise-tagged players, Dak Prescott and Cowboys EVP Stephen Jones had a very brief conversation that the team requested and Todd France – the QB’s agent – helped to facilitate. 1/2
— Ed Werder (@WerderEdESPN) July 15, 2020
The Cowboys asked Prescott to call Jones. He consulted with France and engaged the team. France also had a separate conversation with Jones to no avail. Prescott thus becomes 3rd NFL QB to play on franchise tag.
— Ed Werder (@WerderEdESPN) July 15, 2020
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.
Cowboys owner and GM Jerry Jones and the front office have a reputation around the league for believing they can finalize contracts if they can converse with their player directly and privately. So the attempt today with Prescott was no surprise.
— Ed Werder (@WerderEdESPN) July 15, 2020
Prescott also “disputed” NFL Network's Jane Slater's report suggesting he wanted to finalize a long-term deal ahead of the deadline.
Dak Prescott declined to clarify but disputes some of the details reported here. Tells me while he did talk to Stephen Jones & try to get a deal done he's grateful and blessed to be a Cowboy and working & moving forward to do whatever he can to help the team win a Super Bowl. https://t.co/GbNuhiLZhK
— Jane Slater (@SlaterNFL) July 15, 2020
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.