Report: Cowboys' Dak Prescott Signs $31.4 Million Exclusive Franchise Tag

Cowboys quarterback Dak Prescott has signed his $31.4 million exclusive franchise tender, according to CowboyMaven's Mike Fisher.

The agreement means the two sides now have until July 15 to work out a long-term deal. Now that he's signed his franchise tender, Prescott will be contractually obligated to report to Cowboys training camp whether or not the two have a long-term agreement in place.  

Cowboys.com's David Helman first reported that Prescott signed his franchise tender Monday. Dallas and Prescott have been discussing a possible extension for months on end, according to Fisher.

Throughout the offseason, the Cowboys have made it clear that Prescott is in their plans for the future. New head coach Mike McCarthy didn't hesitate when asked in February if Prescott was the team's franchise quarterback.

"Definitely,'' McCarthy said. "It's exactly where we want to be with Dak. I think what he's done to this point speaks for itself. Dak is in a business situation right now. I've gone through this as a head coach with a number of my players in the past and, like anything, I think it's just time to be patient and let the business people work out the business matter."

Prescott has also been adamant publicly about his desire to work out an agreement with the club, telling Yahoo Sports in mid-February, among other instances, that he had confidence in the parties involved in the negotiation that "something will get done."

If Prescott does ink a long-term extension, he will almost certainly be the highest-paid player in Cowboys history.

Prescott, 26, threw for the second-most passing yards in the NFL last season (4,902) and the fourth-most touchdowns (30). He also added nearly 300 yards on the ground and three rushing scores.