Dak Prescott contract extension: Jerry Jones gives clarity on $160,000,000 star's future amid Cowboys QB's MVP-esque run

Dak Prescott has made a case to win his first career MVP award with the Dallas Cowboys this season. The 30-year-old quarterback has the team making a potential push for its first Lombardi Trophy since the 1995 season. However, there has been talk of Prescott and his contract extension.

Cowboys owner Jerry Jones addressed the matter on the final day of a two-day league special meeting in Texas. Jones noted the challenge of potential restructuring to get a new deal done with the franchise quarterback:

"I’ve never thought that we wouldn’t be making a contract. I think that’s the best way for me to say it. The idea of doing it or not doing it has not been on the table from my perspective period at any time here... Here’s the thing, this is sensitive in it does involve moving around assets. That’s not Dak causing that, that’s just what happens."

Jones added:

"It’s sensitive, so the fact that we’re anticipating having a new contract takes all of that into account. We know there’s going to be [restructuring]. You can’t have it all. It’s going to be some adjustments to get it done."

The Dallas Cowboys star is top five in the NFL in passing yards (3,505) and passer rating (107.5) while leading in touchdowns with 28. He is making $31 million this season, the eighth-most among quarterbacks. Prescott has led the Cowboys to four playoff appearances before this season.

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How much is Dak Prescott set to make in 2024 without a contract extension?

Dak Prescott is already under contract for next season and set to make $34 million in 2024 as part of the four-year, $160 million extension he signed in March 2021. However, a major reason Jones needs to extend the signal-caller is his high cap number.

As it stands, Prescott's cap number is at $59.5 million next season, second to Cleveland Browns quarterback Deshaun Watson's $64 million. According to Spotrac, Prescott's market value is $47.5 million per season over the next four seasons.

The concern is also the Cowboys' owner wanting to re-sign both wide receiver CeeDee Lamb and linebacker Micah Parsons. Lamb is set to be a free agent after the 2024 season, while Parsons is one after the 2026 season.

We will see how Jones can make it work with Dak Prescott without potentially losing either Lamb or Parsons in the future.