The Dallas Cowboys have deftly maneuvered their financial landscape by restructuring the contracts of two key players, Dak Prescott and CeeDee Lamb, creating a substantial $56.6 million in cap room. This strategic move comes as the team prepares to approach the upcoming free agency period with a selectively aggressive stance. By converting $45.75 million of Prescott's base salary into a signing bonus, the Cowboys successfully reduced his cap figure from $89.89 million to $53.29 million. This adjustment not only freed up $36.6 million in cap space but also resulted in Prescott's 2025 cap number no longer being the highest in the NFL.
The Cowboys' decision to restructure contracts aims to maintain key players while potentially acquiring new talent. The team faces several pending free agents, such as Jourdan Lewis, Bryan Anger, Rico Dowdle, Eric Kendricks, and DeMarcus Lawrence. These adjustments are crucial for the Cowboys' plans to keep their roster competitive and well-rounded.
In addition to Prescott's restructured deal, the Cowboys have secured Osa Odighizuwa with a four-year, $80 million contract that includes $52 million guaranteed. This move demonstrates the team's commitment to investing in talent they deem essential for their future success.
Despite reducing Prescott's cap number for 2025, his figure will rise again in 2026, reaching $76.8 million. However, restructuring efforts will increase their cap space by an additional $9.15 million by 2026, potentially offering more flexibility in future seasons.
The Cowboys have been deliberate in their approach to free agency this year, with team owner Jerry Jones emphasizing a careful evaluation of opportunities as they arise:
"As opportunity would come up from [outside], not the draft, not from within, as the opportunity comes up, we'll weigh it." – Jerry Jones
Jones expressed confidence in their ability to fill any voids through means other than free agency:
"I'm not looking at free agency as a place to fill voids." – Jerry Jones
While the Cowboys have successfully created cap space through restructured contracts, they have yet to make any major moves in the free agency market. This calculated approach reflects their strategy of assessing all options, including drafting and re-signing current roster players:
"Not if you include what might work for us in the draft and what we're doing with our own roster relative to who we want to sign." – Jerry Jones
Micah Parsons remains a notable figure on the roster, with his 2025 cap number set at $6.25 million. As the team evaluates its options, Parsons' relatively low cap figure provides additional flexibility in maintaining a balanced budget while retaining top talent.
The Cowboys' decision to restructure contracts late last year—only finalizing CeeDee Lamb's signing at the end of training camp—illustrates their cautious yet strategic approach to financial management. By balancing cap space and player investments, the Cowboys aim to remain competitive while ensuring they have the resources available for future talent acquisition.
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