Cowboys icon sounds alarm for Jerry Jones to avoid $30,000,000 blunder in Dak Prescott deal

Is Jerry Jones' delay in extension quarterback Dak Prescott costing him money? Hall of Famer and former Dallas Cowboys wide receiver Michael Irvin believes just that.

On Friday's episode of "Undisputed," Irvin said that Jones and the Cowboys wasted valuable time in 2021 when they extended Prescott's contract for the first time. Irvin believes that the same will happen again and with the quarterback's value continuing to increase, Jones will have to pay up.

Michael Irvin went on to say the Cowboys could have signed their quarterback to a $30 million-a-year deal, instead, it cost $40 million. The Cowboys shouldn't waste any time in the coming months to lock down their quarterback for the long term.

"He's earned this bag," Irvin said. "I hope we don't make the same mistake we made during that last negotiations. In this contract, he cannot be tagged nor traded. So you either deal with him directly and straight or you're not dealing. And we need to be dealing with him... between 2020 Dak signed to play under franchise tag and it was $31 million that year.

"Now in 2021, he signed a four-year deal for $40 million a year. You could have got him at 30 million a year, but you waited and waited and it cost $40 million. And if you wait this time around, it's gonna cost you more again."

How much could Dak Prescott earn per year in a contract extension?

Dak Prescott is currently the 10th-highest-paid quarterback in the NFL, earning $40 million a season. The quarterback, who has led his team to a 10-5 record and a trip to the playoffs already this season, is due for a big payday.

According to multiple reports, Prescott's contract extension could pay him between $55-60 million per season. That would make him the highest-paid quarterback in the NFL, passing Cincinnati Bengals' Joe Burrow, who currently makes $55 million a season.

An increased contract would be well-deserved for Dak Prescott who has had an MVP-caliber season, despite a few hiccups from the Dallas Cowboys down the stretch. In 15 games this season, he has thrown for 3,892 yards and 30 touchdowns with just seven interceptions. He has also rushed for 237 yards and two touchdowns.