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Dak Prescott, Dallas Cowboys agree to four-year, $160 million contract extension

Related: Exploring every potential quarterback option for the 2021 Patriots

New York Giants v Dallas Cowboys Photo by Tom Pennington/Getty Images

Even though he was listed as an unrestricted free agent-to-be, there was no realistic chance that the Dallas Cowboys would allow Dak Prescott to hit the open market. Placing the franchise tag on him for a second straight year was seen as an option, but the preferred outcome for both sides was a multi-year contract extension.

That extension has now materialized. According to multiple reports, Prescott and the Cowboys agreed to a massive four-year, $160 million deal. The pact includes an NFL record $126 million in guarantees as well as two additional void years in 2025 and 2026 to help spread out the cap impact.

Prescott first arrived in Dallas in 2016, when the team invested a fourth-round pick in him while searching for an heir to long-time franchise quarterback Tony Romo. When Romo suffered a back injury during preseason that year, Prescott took over as QB1 and never looked back: he went on to start 69 regular season games and three playoff contests over his first five years in the league and established himself as one of the league’s best passers.

Despite coming off a disappointing 2020 season that ended when he suffered an ankle injury just five games in, Prescott will now be paid as such.