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The Dallas Cowboys and quarterback Dak Prescott reportedly "have a mutual understanding of his contract situation" and a long-term offer hasn't been made, setting him up for free agency next offseason, sources with knowledge of the situation confirmed to NFL Network's Ian Rapoport on Tuesday (March 26).
"The #Cowboys and QB Dak Prescott have a mutual understanding of his contract situation, sources say, with no offers from Dallas despite him being in a contract year. Owner Jerry Jones said, 'We are where we are, locked and loaded for this year' [during the NFL Annual Meeting]. No indication a deal is coming," Rapoport wrote on his X account.
Earlier this month, the Cowboys and Prescott, 30, agreed to a reworked contract to create an additional $4 million in salary cap space in 2024, ESPN's Field Yates reported on March 18.
The Cowboys had previously restructured the contracts of Prescott and All-Pro offensive lineman Zack Martin last March with Martin later agreeing to a reworked deal that ended his holdout in August. Prescott led all NFL quarterbacks with a career-best 36 touchdown passes and 410 completions, while also throwing for 4,516 yards -- third among all quarterbacks -- in 2023.
The former Mississippi State standout finished second in the 2023 Associated Press NFL Most Valuable Player award voting with 152 points. The Cowboys have been uncharacteristically quiet during the ongoing NFL offseason, becoming the last team to reach an agreement with a player in the NFL's legal tampering period by re-signing long snapper Trent Sieg before re-signing cornerback Jourdan Lewis and special teams ace C.J. Goodwin and adding former Pro Bowl linebacker Eric Kendricks, all while losing All-Pro offensive tackle Tyron Smith to free agency.