Dallas Cowboys finally reach long-term contract with quarterback Dak Prescott

By Clarence E. Hill Jr.
Fort Worth Star-Telegram/TNS
Dallas Cowboys quarterback Dak Prescott walk to the locker room after the first half against the New York Giants at AT&T Stadium Stadium in Arlington, Texas, Oct. 11, 2020.

The third time proved to be the charm for the Dallas Cowboys and quarterback Dak Prescott.

A third offseason of negotiations finally resulted in a long-term contract that will make him the highest-paid player in franchise history with one of the richest guaranteed contracts in NFL history.

The team will make a formal announcement at a news conference on Wednesday.

The Cowboys are giving Dak Prescott a four-year, worth $160 million deal. It includes a record $126 million guaranteed, sources said. The first three years average $42 million per year.

The deal can be worth up to $164 million and the deal includes $66 million to sign and $75 million in year one, the most in NFL history.

In getting the deal done on Monday night, the Cowboys were able to avoid placing the franchise tag on Prescott for the second straight season.

Prescott played last season on franchise tag of $31.4 million and slated to be tagged again at $37.7 million on Tuesday if the two sides hadn’t come to terms.

Prescott, 27, has now gone from being best bargain in NFL, as he earned just $4 million through his first four seasons after coming to Cowboys in the fourth round in 2016, to securing generational wealth and having an opportunity to build a legacy in Dallas.