Cowboys New Cap Room: Lamb, Diggs & How Will Dallas Spend $20 Million?

Cowboys bosses Jerry and Stephen Jones will wake up on Friday morning with a fresh total of more than $20 million in cap space. ... and arguably, some compelling ideas about what to do with that money.

FRISCO - The Dallas Cowboys' good news at the moment regarding the salary cap: Dallas has a competitive roster and owns $10.5 million of available space.

The Cowboys' even-better news: Though it meant a painful goodbye to foundational standout Ezekiel Elliott, having designated him as a June 1 cut means that on Friday, that rebate comes back to the Dallas cap as well, to the tune of $10.9 million more.

Therefore, Cowboys bosses Jerry and Stephen Jones will wake up on Friday morning with a fresh total of more than $20 million in cap space. ... and arguably, some compelling ideas about what to do with that money.

So .. will they spend it? How? Where?

Oftentimes when we talk about offseason cap room, the money earmarked to pay the rookie NFL Draft class is forgotten. In this case on the Cowboys clock, more good news, as that's already been handled.

There is, however, still a need for what some teams call a "slush fund'' - that is, money for "small expenses'' like paying for practice-squad call-ups and injury settlements.

And then there is the "not-small expenses'' list. Assuming the Cowboys execute a Dak Prescott extension some time soon, Dallas could gain about $20 million more in cap room. That can help finance contract extensions for the likes of CeeDee Lamb and Trevon Diggs (and we would argue, for Terence Steele as well).

How much of the $20 million becoming $40 million will it take to lock down that trio? How soon will the involved parties even agree to get locked down? The Cowboys have a plan, obviously, but the details of those issues have yet to be revealed.

Does it mean a sudden willingness to win the bidding war on DeAndre Hopkins at what might be a $20 million APY cost? Probably not. Does it mean being able to secure a deal for a proven kicker (like Robbie Gould or Mason Crosby) at $3 million or $4 million, which is three and four times what Dallas usually pays at that position? It does.

Friday's $20 million of room will not likely trigger a crazy Cowboys spending spree. But it allows Dallas the financial freedom to make roster improvements when the time is right. And if the team is both competitive (Dallas is coming off back-to-back 12-5 seasons, so that's an easy characterization to reach) and cap-flexible (as will be the case on June 1)? Somebody here inside The Star who is managing the sharp pencil and the Big Calculator - pending the next winning moves - probably deserves credit for knowing how to manage the cap.

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