Dak Prescott signed his $160 million deal in March. The Cowboys, though, recently renegotiated it to create $5 million in cap space.
Calvin Watkins of the Dallas Morning News reports the team converted $6.25 million of Prescott’s $9 million base salary for 2021 into a signing bonus. The quarterback’s base salary this season now is only $2.75 million.
The Cowboys are expected to carry over the $5 million in cap space from 2021 to 2022, creating an additional $3.75 million in cap space for next year.
Cowboys owner Jerry Jones was asked about the restructure during his weekly radio show on 105.3 The Fan.
“It was looking around the corner and looking at what you’re going to need as you move through well into this season and certainly into next season,” Jones said, via Mark Lane of WFAA. “It was anticipated when we made the contracts, and it’s a part of the contract that allows you to manage your roster. Yes, everything about it was expected.”
Receiver Michael Gallup, defensive end Randy Gregory and linebacker Leighton Vander Esch are among the team’s players scheduled to become free agents in 2022.
The Cowboys restructured deals for running back Ezekiel Elliott, left tackle Tyron Smith, right guard Zack Martin and right tackle La’el Collins during the offseason. The team has not touched Amari Cooper’s contract, giving them the option of parting with him after this season.
The Cowboys would save $16 million on their 2022 cap by releasing Cooper after this season, with $6 million in dead money.