Dallas Cowboys quarterback Dak Prescott signed a four-year, $240 million contract extension hours before the team kicked off its 2024 season against the Cleveland Browns, according to multiple reports.
The deal set multiple NFL records, including an average annual salary of $60 million, a major step up from the $55 million-a-year deals for fellow quarterbacks Joe Burrow, Trevor Lawrence and Jordan Love. The $231 million in guaranteed money was a tick ahead of the $230 million the Browns gave QB Deshaun Watson in 2022.
Prescott is in the final season of a four-year, $160 million deal he signed in 2021 and held significant leverage as his current contract includes no-trade and no-franchise tag provisions. Prescott would have been the rare franchise quarterback to enter free agency in his prime. Prescott turned 31 in July.
Prescott is one of the NFL’s most marketable players as a three-time Pro Bowl selection and quarterback for America’s Team. He earned an estimated $14 million off the field last year, second most in the NFL behind Patrick Mahomes. His brand partners include Albertsons, Anheuser-Busch, AT&T, Loews and Nike.
The deal locks up Prescott through the 2028 season, the same as teammate CeeDee Lamb. Last month, the Cowboys signed an extension with their star receiver worth $136 million over four years that ranks as the second richest among NFL receivers behind Justin Jefferson.
Cowboys owner Jerry Jones has built the world’s most valuable sports franchise worth $10.3 billion, per Sportico. Jones has talked often this year about the Cowboys being “all-in” for the 2024 season. The contract extension gives the Cowboys a few more shots at breaking their 28-year Super Bowl drought, which was also its last NFC Championship game appearance—only the Washington Commanders have a longer NFC title game drought.
The Cowboys were 12-5 in each of the past three years but are 1-3 in the playoffs, including a crushing home loss to the Green Bay Packers last season as a heavy favorite. Prescott finished the 2023 season with an NFL-high 36 touchdown passes and a career-best 105.9 passer rating.
