The 2022 NFL offseason will see the Dallas Cowboys navigating some salary cap space concerns before they mount their challenge for a Super Bowl next season. Let’s examine the Cowboys’ cap space situation heading into March and what options they have to open up cap space ahead of the new NFL league year on March 16.
Dallas Cowboys’ salary cap outlook for 2022
As it stands on March 2, 2022, the Cowboys are currently projected to be $21 million over the salary cap at the new league year. While $20 million may not seem like a lot, only two teams in the league have a worse situation at the time of writing.
The balance the Cowboys need to strike is a tough one. They have several talented pieces on their roster, but they also need to make additions in key spots to be serious challengers next season. However, clearing that cap space could mean needing to move on from some of their talented players. The problem is that there’s no real clear “dead weight” that they could move on from to create that cap space. Therefore, they will likely need to use extensions and restructures to open up significant space.
What are the Cowboys’ options to open up salary cap space in 2022?
The Cowboys’ roster has lots of talented pieces, and the majority of them are paid correctly. As a result, finding obvious options for the Cowboys to move on from is tough. Nonetheless, Dallas has some key players set to be free agents this offseason that they need to address. All of this makes for a difficult situation for a Cowboys team that is arguably just a couple of pieces away from being Super Bowl threats.
Let’s take a look at how Dallas could open up more than $50 million in cap space in the coming weeks.
Dak Prescott’s contract will likely need to be restructured… again
Prescott only signed his contract a year ago, but already the Cowboys are looking at a second restructure of the deal. Last year, Dallas created $5 million in cap space, and this year they may need to create a whole lot more. Prescott has a $20 million base salary in 2022, of which close to $19 million could come as a bonus.
The original deal already contained a second void year, which, at the time, had no impact on the deal. However, Dallas likely put in that void year to create salary cap space this offseason without having to redo the contract from a structural perspective. If they do a max restructure, the Cowboys could turn his $34.45 million cap figure into $19.2 million — saving more than $15 million in 2022 and adding $3 million onto the next few years.
Amari Cooper and Ezekiel Elliott are huge question marks this offseason
Rumors have been swirling over the future of both Cooper and Elliott. Cooper is a somewhat simpler situation. Due to his small signing bonus, the Cowboys could actually move on this offseason for $6 million in dead money — a salary cap savings of $16 million. The key? The decision has to be made for a release before March 20, when his 2022 salary becomes guaranteed.
The Cowboys could also save that $16 million by trading Cooper this offseason. They could save $20 million in 2022 if the trade happens after June 1. However, a trade does not help them get under the cap for the new league year. If the Cowboys are committed to Cooper, they could restructure his $20 million in salary. Adding two void years and doing a max restructure would save them $15.1 million in cap space. However, it would make moving on next offseason significantly more difficult.
In terms of Elliott, it’s hard to see him going anywhere this offseason. His cap number for the year is set to be $18.22 million, making him the highest-paid RB in the NFL in terms of cap number. Releasing him would add more than $10 million to that ($30.1 million), while a trade would save $540,000.
Given moving on is likely off the table, the Cowboys have a tough decision. They could save $9.1 million in cap space with a restructure, but it would essentially ensure Elliott is on the roster in 2023 as well. If the Cowboys are comfortable with that, a restructure makes sense. However, if they want to move on next offseason, doing nothing or a small, partial restructure would be the logical move.
Tyron Smith and the offensive line is giving the Cowboys’ salary cap headaches
The Cowboys’ offensive line demonstrates how quickly narratives and situations can shift in the NFL. Just 12 months ago, this was considered one of the best units in the league. Talent-wise, that remains the case. But injuries and bloated contracts have made the unit somewhat of an issue at the same time.
Tyron Smith is the glaring issue right now. The left tackle has not played a full season since 2015 and has played just 13 games combined in the last two years. While undeniably still talented, his $17.5 million cap number is a concern. A restructure (with additional void years) could save around $10 million this season. However, it would leave the Cowboys with a $20 million cap number in 2023 and more than $10 million in 2024 when Smith’s contract voids.
The right side of the line is arguably the best in the entire league. Zack Martin is a super player but carries a hefty $20.1 million cap number this season. There’s no way the Cowboys would even consider moving on. Martin is still playing at a high-enough level that a max restructure with void years is a viable option. The Cowboys would save $8.5 million in salary cap space with this method.
La’el Collins is another restructure candidate. He missed five games last season, but that was due to a suspension as opposed to injury. When he was on the field, he largely performed extremely well. Therefore, restructuring his deal and adding void years to save the Cowboys $7.1 million in salary cap space in 2022 would make some sense.
DeMarcus Lawrence rumors have started to swirl
Much like the offensive line, Lawrence falls into the undeniably talented but extremely expensive category. His cap number for 2022 is currently $27 million. But any move the Cowboys make before June 1 comes with a $19 million dead money cap hit in 2022.
Consequently, even if he’s traded or released, the savings would only be $8 million, which is a minimal gain to release a player who is among the best at his position. That leaves restructuring as an option.
To make it work, the Cowboys would likely need to add two more void years to the deal. That method could save $14 million this year. Unfortunately, it would leave a cap number over $30 million in 2023 and significant dead money when the deal voids in 2024.
What other options do the Cowboys have to create salary cap space?
This is where it gets tricky for the Cowboys. There aren’t many opportunities for salary cap savings outside of the headline names. Dallas could save $2.4 million by moving on from kicker Greg Zuerlein. That is an intriguing one. The cap savings is not that great, and a downgrade in kicker could have a huge impact late in the season.
The future of Blake Jarwin is interesting. The tight end missed most of the last two seasons and has clearly fallen behind Dalton Schultz. With Schultz a free agent, the Cowboys could decide to release Jarwin and use the $3.85 million they save to put toward bringing Schultz back. However, that depends if the team feels there is enough of a gap between Schultz and Jarwin to justify the extra cost it would take to keep Schultz.