The deal, which is technically for six years but voids to four so as to help Dallas against the salary cap, can be worth up to $164 million, a source said.
Prescott’s signing bonus is $66 million, the highest in NFL history, with $75 million due in year one, Schefter reported. The first three years of the deal average $42 million per year, according to a source.
The Cowboys announced they had agreed to a contract with Prescott but did not disclose terms. The Cowboys will place the franchise tag on Prescott on Tuesday as a procedural matter, a source told Schefter. The Cowboys announced they will hold a Wednesday news conference.
The process to reach a long-term deal with Prescott covered three offseasons, multiple mega-million offers and hours of negotiations. The Cowboys, all along, said they wanted Prescott to be their franchise quarterback for the present and future, and Prescott said he wanted to remain with the Cowboys.
It just took a lot longer than normal.
Prescott, who turns 28 in July, is coming off a compound fracture and dislocation of his right ankle suffered in the Week 5 win against the New York Giants in October, but he was predicted to make a full recovery during the offseason.
The road to the deal was complicated by the extensions signed by fellow 2016 draftees Jared Goff and Carson Wentz in 2019, the final year of a collective bargaining agreement, and the unwillingness for either side to bend in what they wanted in terms of the length of the deal. The Cowboys wanted a commitment of five years or more; Prescott’s side wanted a four-year deal.
Now that the deal is complete, the focus turns to improving the roster around Prescott to make sure the Cowboys can contend for a Super Bowl.
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SOURCE: ESPN, Todd Archer