Cowboys Contracts and Free Agency: How To Rank the Salary Cap Priorities?

Dallas Cowboys Contracts and Free Agency: How To Rank the Salary Cap Priorities?

The Dallas Cowboys have major contractual decisions to make on the likes of quarterback Dak Prescott, receiver CeeDee Lamb and linebacker Micah Parsons, with Jerry Jones and company slated to enter the offseason under water in terms of salary cap space. 

That won't last, obviously. And as CowboysSI.com has pointed out, "Cap Hell is a Myth.'' ... but the cap isn't. So part of this game, when it comes to the 14 guys slated for free agency is ... who to keep?

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According to Over The Cap, the Cowboys currently have -$19,740,700 in salary cap space. They are one of 11 teams in the red right now, so it's not especially uncommon to start out the offseason not in a great spot cap-wise. But that amount, and more, if the Cowboys hope to make other investments this offseason, will have to be made up for somehow. ... with mid-March the time to be cap-compliant, by NFL rules.

By far the largest chunk of salary cap space for the Cowboys in 2024 belongs to Prescott, who is currently slated to have a $59.455 cap number in the final year of his current contract. That's a major reason why -- despite any questions about postseason shortcomings in the Prescott Era -- the best move forward for the Cowboys this offseason is to work out a new long-term deal with their quarterback. 

That could drastically lower his cap number for 2024 (CowboysSI.com has talked of chopping it down by $20 million), and alone may put the Cowboys in compliance, at least before other moves are made. 

Lamb, a former first-round pick, is scheduled to play on his fifth-year option in 2024, which would count as $17.991 million against the cap. One would think, though, that after an All-Pro season that saw Lamb catch 135 passes for 1,749 yards and 12 touchdowns, Dallas would also like to lock him up to a long-term deal. 

And that can slice Lamb's impact all the way down to $8 million.

Additionally, do-it-all-defender Micah Parsons is eligible to negotiate a new deal now that he's played three seasons in the league. The Cowboys will certainly exercise his fifth-year option this offseason, meaning they have him under contract for two more years, with the possibility of two franchise tags after that. 

Again, though, Parsons - likely eying an all-time-high $30 million APY-like deal - would be well within his rights this offseason to say that he's outperformed his rookie contract and ask for a new deal more in line with his current production. And the Cowboys don't want to get in a position where he threatens to withhold his services. 

And then as noted above: Dallas also isn't short on impending free agents, with left tackle Tyron Smith, center Tyler Biadasz, running back Tony Pollard, safety Jayron Kearse and cornerbacks Stephon Gilmore and Jourdan Lewis all set to become free agents. 

Want to take a stab at prioritizing yourself? Here are your choices ...

OL - Tyron Smith, Tyler Biadasz, Chuma Edoga, Trent Sieg (long-snapper.)

RBs - Tony Pollard, Rico Dowdle

DBs - Stephon Gilmore, Jourdan Lewis, Jayron Kearse, Noah Igbinhoghene

DL - Johnathan Hankins, Dorance Armstrong, Dante Fowler, Neville Gallimore

The reality of a league with a salary cap is the Cowboys won't be able to bring back all these free agents, which could leave them searching for a starting cornerback, running back, offensive tackle (or guard if Tyler Smith kicks out to replace Tyron) and center this offseason, among other positions. 

Even if the Cowboys work out a new deal with Prescott that gets them into the black in terms of salary cap space, they aren't going to have a ton of capital to spend. ... unless they "flip the switch'' on others, which our Mike Fisher has written is indeed the plan.

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In addition to the "automatic conversions'' on Zack Martin and others, there could be money moved on defensive end DeMarcus Lawrence. But remember: Converting base to bonus, or pushing money out (on a "credit card'') doesn't make "what's owed the cap'' go away. The piper must always be paid.

Someone like receiver Michael Gallup feels like an obvious cut candidate, but doing so would save the Cowboys a modest $800,000 in 2024, unless they designate him to be a post-June 1 cut and spread out the cap charge that would come with releasing him over the next two years. 

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All these different moving parts will put quite a bit of pressure on Dallas to find instant-impact players in the NFL Draft if they hope to win their third NFC East title in the last four years.