It was reported on Sunday that Dak Prescott would be signing his franchise tender on Monday and he officially put pen to paper. According to NFL Network's Ian Rapoport, Prescott officially signed his franchise tag with Dallas on Monday.

As a result of him signing his tender, Prescott is slated to make $31.4 million in 2020. Also, despite locking him in for the upcoming season, the Cowboys will have until July 15 to negotiate a long-term deal.

With that being said, it doesn't appear that either side is relatively close to getting an extension done this offseason. Provided that, Dallas may need to open up their checkbook to pay the former fourth-round pick next offseason.

Or the Cowboys could decide to use the franchise tag on Prescott again. Even though, that'd come at an expensive price. In addition, ESPN's Mike Tannenbaum believes Prescott signing his tender gives him ‘leverage' in contract negotiations.

Meanwhile, by signing the franchise tag, Prescott is also contractually obligated to arrive on time in training camp. Training camps for all 32 teams in the NFL are scheduled to take place next month. Although, that could be subject to change due to the coronavirus.

Dating back to last offseason, Prescott has been seeking a multi-year extension with Dallas. While his draft mates, Jared Goff and Carson Wentz, received lucrative extensions, Prescott came up empty in getting a new contract.

Nonetheless, Prescott would thrive in 2019, throwing for a career-high 4,902 yards, 30 touchdowns, and 11 interceptions. In his first four seasons with the Cowboys, Prescott has been nothing but productive.

Without a doubt, the Mississippi State product would prefer to have some assurance for his future in Dallas. At the least, he'll be under center for the Cowboys in 2020, allowing fans to breathe a sigh of relief — for the time being.