While Dallas Cowboys owner and general manager Jerry Jones indicated that his team would be “all-in” during the 2024 NFL offseason, the Cowboys have been one of the league’s quietest clubs through the first week of free agency.
Dallas has made just one external signing, reuniting veteran LB Eric Kendricks with new Cowboys defensive coordinator Mike Zimmer. Other than that, Dallas has re-signed three internal free agents: RB Rico Dowdle, CB Jourdan Lewis, and LS Trent Sieg.
Why haven’t the Cowboys been more involved in free agency?
3 Reasons the Cowboys Have Sat Out 2024 NFL Free Agency
Jones expanded on his “all-in” proclamation at the Scouting Combine earlier this month, suggesting that a Cowboys free agent frenzy was never part of the plan.
“Your definition of what is all-in and mine might not be the same thing, but I’m trying to win the games this year with my decision,” Jones told Michael Gehlken of the Dallas Morning News. “So I’m all-in to this year.”
Jones later added: “I’ve drafted quarterbacks for the future, OK. I would be reluctant to do that this year. That’s an example: Use our first pick for quarterback this year, for the future if you had an opportunity there. You are at 24, and the greatest thing since ice cream, he’s sitting there. I’d be reluctant to do that this year. That’s called all-in this year.”
Let’s run through the top three reasons why Jones and the Cowboys haven’t engaged with free agency this offseason, beginning with the most obvious.
1) Cowboys Don’t Have Much Cap Space
The simple fact is that the Cowboys don’t have any money to work with. Dallas has just $7.78 million in cap space as of Tuesday, according to Over the Cap‘s projections.
Only five teams have less breathing room: the Kansas City Chiefs, Buffalo Bills, New York Giants, Cleveland Browns, and Atlanta Falcons — the latter dead last in the league with just $3.44 million in cap space.
With no financial wherewithal to make moves, Dallas hasn’t been able to address significant voids at running back, left tackle, and center following free agent defections by Tony Pollard, Tyron Smith, and Tyler Biadasz.
Of course, the Cowboys could create more cap room this offseason by agreeing to long-term extensions with their two highest-profile players.
2) Dallas Needs To Extend Dak Prescott and CeeDee Lamb
Quarterback Dak Prescott is scheduled to carry an untenable $55.455 million cap charge in 2024 — and that’s after the Cowboys reworked his contract this week to open up $4 million in savings.
Jones has stated he’s willing to go through next season with Prescott playing at the NFL’s highest cap figure, but Dallas is also discussing an extension with its 30-year-old signal-caller that would greatly reduce his 2024 cap number.
Prescott holds all the leverage in talks. He has a no-trade and a no-franchise tag clause in his existing contract, while his 2024 cap charge and potential 2025 dead money ($40.46 million) might force the Cowboys to make Prescott the league’s highest-paid QB.
Wide receiver CeeDee Lamb could become the NFL’s top-paid pass catcher after leading the NFL in receptions (135) and earning first-team All-Pro honors in 2023. He’s scheduled to earn $17.991 million on his fifth-year option in 2024, but an extension would bring his cap number down.
3) Cowboys Rarely Sign Many Outside Free Agents
Dallas sitting out free agency isn’t necessarily new. While the Cowboys have typically been willing to pay up to re-sign their own free agents, they haven’t often gone into the market to bring in external options.
Jones and Co. haven’t signed a single outside free agent with an average annual salary above $7 million over the past six offseasons.
As far as we can tell, the only external Cowboys free agent signing with a $6+ million AAV during that span was defensive tackle Gerald McCoy, who inked a three-year, $18.3 million deal with Dallas in 2020.
But McCoy didn’t even make it through that summer. He tore his right quadriceps tendon in practice and was released in mid-August 2022.
The Cowboys extended their own players during that time frame, agreeing to new deals with Prescott, WR Amari Cooper, EDGE DeMarcus Lawrence, safeties Malik Hooker, Donovan Wilson, Jayron Kearse, and others.
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Dallas has also been active on the trade market, picking up veterans such as EDGE Robert Quinn, WR Brandin Cooks, and CB Stephon Gilmore for pennies on the dollar.
But spending heavily on the open market has never quite been the Cowboys’ thing, and that probably won’t change any time soon.
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