Dallas Cowboys reach record-setting, long-term contract with Dak Prescott ... finally

The third time proved to be the charm for the Dallas Cowboys and quarterback Dak Prescott.

A third offseason of negotiations finally resulted in a long-term contract that will make him the highest-paid player in franchise history with one of the richest guaranteed contracts in NFL history.

The team will make a formal announcement at a press conference on Wednesday.

The Cowboys are giving Dak Prescott a four-year, $160 million deal. It includes a record $126 million guaranteed, sources said. The first three years average $42 million per year.

The deal can be worth up to $164 million and it includes $66 million to sign and $75 million in year one, the most in NFL history.

His average annual salary of $40 million is second only to Kansas City Chiefs quarterback Patrick Mahomes’ $45 million average.

In getting the deal done on Monday night, the Cowboys were able to avoid placing the franchise tag on Prescott for the second straight season.

Prescott played last season on the franchise tag of $31.4 million and was slated to be tagged again at $37.7 million on Tuesday if the two sides hadn’t come to terms.

Prescott, 27, has now gone from being the best bargain in the NFL, as he earned just $4 million through his first four seasons after coming to the Cowboys in the fourth round in 2016, to securing generational wealth and having an opportunity to build a legacy in Dallas.

The deal is a huge win for Prescott, who also has a no-trade clause in the deal and an agreement to avoid the franchise tag when it expires in four years.

It’s culmination of a lifelong dream for Prescott, who grew up a Cowboys fan in Haughton, Louisiana, but also puts a nice bow on a challenging 12 months for the sixth-year quarterback.

In addition to not getting the contract extension he wanted last offseason, Prescott endured the death of his brother, Jace, last April but he also admittedly battled depression.

And after a setting an NFL record for passing yards through the first five games of the 2020 season, he suffered a compound fracture and dislocation of his right ankle.

But this also a victory for the Cowboys, who have consistently said they wanted Prescott as their franchise quarterback for the long term because of his play on the field and leadership in the locker room.

The former Mississippi State star simply has not blinked since taking over for an injured Tony Romo in 2016, fashioning the finest first season for a quarterback in NFL history at the time and winning Rookie of the Year honors.

Prescott has accounted for 130 touchdowns in five seasons, 106 passing and 24 rushing. He has a career record of 42-27 and has led the Cowboys to two NFC East titles, two trips to the playoffs and one playoff victory.

And he has continued to get better.

In 2019, Prescott set career highs with 4,902 passing yards and 30 touchdown passes. He was on pace to set an NFL record for passing yards with 1,856 in his five starts in 2020 before suffering the season-ending injury.

The contract is proof they never had any concerns about his recovery from the fractured ankle. Per sources, he is ahead of schedule and should be a full go by April and certainly ready for the start of training camp in July.

The deal also helps the Cowboys against the 2021 salary cap as his first-year salary will be lower than the franchise tag.