NFL Rumors: Dak Prescott Reportedly Came Close To Signing Long-Term Extension With Cowboys Before Deadline

A recent report suggested that Dallas Cowboys quarterback Dak Prescott nearly signed a long-term extension with the organization shortly before the deadline for such deals, only for the transaction to fall through.

On Wednesday, shortly after the NFL's 4 p.m. EDT deadline for signing franchise-tagged players to long-term extensions, Jane Slater of the NFL Network tweeted that Prescott and the Cowboys made a "last-minute" effort to finalize an extension. Per her unnamed source, the offer included a $50 million signing bonus and was valued at $70 million over the first two years. Slater added that the 26-year-old "wanted to get this deal done" but couldn't because of time constraints.

The report came just a few days after it was suggested that neither Prescott nor the Cowboys had any urgent plans of coming to terms on a contract extension before the deadline. Rumors still pointed to the situation being fluid enough for both sides to potentially come up with something before Wednesday afternoon.

Dak Prescott of the Dallas Cowboys runs with the ball while evading Philadelphia Eagles lineman Derek Barnett.
Getty Images | Patrick Smith

Had the deal been finalized, Prescott would have tied Seattle Seahawks star Russell Wilson as the second-highest-paid quarterback in the NFL in terms of average annual value. That $35 million AAV, however, would have still been far removed from Kansas City Chiefs quarterback Patrick Mahomes' league-leading $45 million average salary per year, noted Bleacher Report. The outlet also pointed out that Prescott would have tied with Detroit Lions signal-caller Matthew Stafford for the third-highest signing bonus in the league if he signed the supposed extension.

According to his Spotrac player page, Prescott's current contract will pay him $31.4 million in the 2020 season, thus ranking him eighth in the entire NFL and also among the league's quarterbacks. Because of his franchise tag, he will be eligible to enter unrestricted free agency in the 2021 offseason, upon which he is expected to command a value of about $38.5 million per year, as predicted by the website.

However, Bleacher Report predicted that there might be even "more incentive for teams to up their bidding," given how Prescott could be one of the most sought-after players in a relatively weak free-agent class next year.

Although Prescott will have to wait until the conclusion of the 2020 season to see if he could become one of the highest-paid quarterbacks in the NFL, the former Mississippi State star was quoted as saying that he feels "grateful and blessed" to remain in Dallas for the upcoming campaign as he hopes to eventually lead the team to a Super Bowl appearance.