Dak Prescott Contract Latest: Dallas Cowboys Table 'Final Offer' for QB

The Dallas Cowboys have reportedly tabled their final offer to Dak Prescott as they look to sign their quarterback to multi-year extension ahead of the July 15 deadline.

According to Jane Slater of NFL Network, the Cowboys' offer is worth between $33 million and $35 million a year with over $100 million guaranteed. While there are no details over the length of the proposed contract, it was previously reported the Cowboys were determined to sign their quarterback to a five-year extension.

While Prescott and the franchise are yet to resume negotiations, the contract is widely expected to be Dallas' final offer.

Should Prescott agree a long-term extension with Dallas, the proposed contract would put him among the highest-paid quarterbacks in the NFL in terms of average salary, as according to Spotrac figures.

Patrick Mahomes leads that particular ranking after signing a monster 10-year extension with the Kansas City Chiefs last week which will pay him an average of $45 million a year, but the Cowboys' current offer would see Prescott match be in the same range as Russell Wilson, Ben Roethlisberger and Jared Goff.

The former is the second-highest paid quarterback in the league after signing an extension with the Seattle Seahawks last season worth an average of $35 million a year, while the Pittsburgh Steelers and the Los Angeles Rams pay Roethlisberger and Goff an average of $34 million and $33.5 million a year, respectively.

Prescott have been working on a contract extension for months, but the 26-year-old is yet to commit his long-term future to the franchise that selected him in the fourth round of the 2016 draft.

In March, the Cowboys franchise-tagged their quarterback but progress over a contract extension has been hard to come by.

Last month, Prescott signed his franchise tender, which will pay him $31.4 million for the 2020 season and he and the Cowboys have until 4 p.m. ET on July 15 to find an agreement to a long-term extension.

Should they fail to do so, negotiations would have to be put on hold until the end of the season.

Signing the franchise tender, however, also legally allows Prescott to avoid reporting to training camp without losing any money until Week 1 of the regular season, which is due to begin on September 10.

Prescott sitting out training camp would be a major problem for the Cowboys, as it would limit the time available to the quarterback to acquaint himself with the offense of new Dallas head coach Mike McCarthy. At the same time, the ongoing novel coronavirus pandemic has cast serious doubts over the NFL's belief that the regular season will start as planned in September.

Should he fail to reach a deal with the Cowboys this offseason, Prescott would again be eligible for an extension at the end of the upcoming season, while Dallas would find itself in a similar scenario, looking to sign the quarterback to a long-term contract while retaining the possibility of using the franchise tag on him.

NFL rules state that a player that is franchise-tagged for two consecutive years must receive 120 percent of his previous salary, with the figure rising to 144 percent should he be franchise-tagged for three consecutive seasons.

In practical terms, should Prescott not sign a deal this offseason and be franchise tagged again next season, he would make a combined $69.1 million. By contrast, Mahomes would make just $33.6 million over the same period as his 10-year extension doesn't kick in for another two years.

Prescott has led the Cowboys to the postseason twice in four years as a starter in Dallas, winning one of the three playoff games he's played.

Last season, he ranked second in the entire NFL in passing yards and fourth in touchdown passes last season with 4,902 and 30 respectively on a completion rate of 65.1 percent and also rated fourth in total quarterback rating behind only reigning MVP Lamar Jackson, Mahomes and New Orleans Saints veteran Drew Brees.

Dak Prescott, Dallas Cowboys
Dak Prescott #4 of the Dallas Cowboys celebrates in the third quarter against the Washington Redskins in the game at AT&T Stadium on December 29, 2019 in Arlington, Texas. The Cowboys could use the franchise tag on Prescott this month. Tom Pennington/Getty