The Cowboys’ inability to move forward with extension negotiations with quarterback Dak Prescott, who is about to enter the final year of his current contract, has dominated much of the team’s 2024 offseason. Megadeals for wideout CeeDee Lamb and edge rusher Michah Parsons, however, are imminent.
Given that the latter was selected one year ahead of the former in the draft, Dallas naturally views him as more important. Lamb will likely receive a huge raise on his second contract, but his $17.99MM fifth-year option keeps him on the books through 2024. This summer, the team and the player are in a position to talk about an extension, but as of right now, that is not the situation.
According to Dallas Morning News reporter Calvin WatkinsThere haven’t been any “serious conversations” regarding a new contract between Lamb’s representatives and the Cowboys yet. The 25-year-old has been qualified for a new contract since the previous offseason, but he has stated in the open that he wants to be the highest-paid receiver in the league. In order to meet that target, the AAV would need to be higher than Tyreek Hill’s $30MM estimate and above the estimated value of Justin Jefferson’s Vikings contract.
Lamb might not participate in the Cowboys’ forthcoming offseason program, as Watkins’ colleague Michael Gehlkin mentioned earlier this week. Though it’s a voluntary process that starts on April 15, missing it wouldn’t have the same consequences as holding out—or the increasingly common hold-in—during training camp. Given the lack of a possible extension, it wouldn’t be shocking if Lamb tried to use his influence to assist negotiate a huge contract at this time.
In 2023, the Oklahoma product (135 catches, 1,749 yards, and 14 total touchdowns) set a new team record for receivers. His performance won him first-team All-Pro recognition and an invitation to the Pro Bowl for the third time in a row. Lamb is positioned to take up a significant amount of the Cowboys cap sheet for years to come due to his age and statistical output, but the same is true for Parsons (who is now eligible for an extension and will undoubtedly become one of the highest-paid defenders in the league on his next contract) and Prescott (who the team still hopes to extend this offseason).
According to current projections, the Cowboys’ cap space for the 2025 season will be slightly over $100MM. Naturally, that number will fluctuate significantly over time, particularly if any or all of the Prescott-Lamb-Parsons trio’s members gain clarity. In the case of Lamb, it seems that a multi-year agreement will still require a great deal of work.
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