Patrick Mahomes' $500 million deal puts the ball in Dak Prescott's court to help Cowboys
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Patrick Mahomes' $500 million deal puts the ball in Dak Prescott's court to help Cowboys originally appeared on The Sporting News. Add The Sporting News as a Preferred Source by clicking here.
Patrick Mahomes just reset the entire NFL quarterback market again.
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According to ESPN insiders Adam Schefter, the Chiefs and Mahomes agreed to a reworked contract extension through the 2033 season worth $504.75 million total -- the first NFL deal ever valued at more than half a billion dollars. Beginning in 2027, his earnings will average $64 million per year, setting a new NFL record for average annual value.
That number matters directly to the Dallas Cowboys. Dak Prescott was the league's highest-paid active quarterback at $60 million per year for about two years until Patrick Mahomes just passed him.
And while that shift is purely symbolic on its own, it forces a decision for the Cowboys. Now that the Louisiana native is no longer the highest-paid player, Dallas needs to see if he is willing to restructure his contract to give the team long-term financial relief.
Dallas has been down this road before. In March 2026, the Cowboys restructured Prescott's contract by converting $38.2 million of his salary into a signing bonus. This cleared $30.5 million in immediate cap space, following a similar cap management move the previous offseason. Both times, Jerry Jones' franchise pushed the financial burden into the future instead of lowering what they actually owe.
While Prescott's 2026 cap hit dropped to $44.6 million, his cap numbers spike to $76 million in 2027 and $86 million in 2028. High dead cap totals make moving on from him nearly impossible before 2028.
Here comes the Tom Brady comparison, who routinely took below-market deals with the New England Patriots and Tampa Bay Buccaneers to keep his teams competitive. CeeDee Lamb also restructured his contract, stating simply, "I want to win." Micah Parsons said the same, noting he values championship talent over a record-breaking payday.
The Cowboys need this financial relief very much. They are currently paying George Pickens a $27.3 million franchise tag alongside Lamb's $34 million contract, while also managing their expensive defensive line commitments. These numbers only work if Prescott takes an actual pay cut instead of shuffling his salary into future years.
Mahomes' mega-deal doesn't obligate Prescott to change anything. But with the highest-paid quarterback label off his back, the pressure has quietly shifted. If Prescott wants a true Super Bowl window in Dallas, he now has a clear opening to adjust his contract and help build a winning roster.
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