Teams across the NFL will have to ensure they are cap-compliant by the start of the new league year on March 11. That includes the Dallas Cowboys, who were nearly $55 million over the cap on Wednesday morning. By the afternoon, they should be sitting relatively pretty after restructuring a trio of their top contracts.
Jerry Jones Starts Cap Overhaul as Cowboys Free Up $66M Ahead of Free Agency
Quarterback Dak Prescott, wide receiver CeeDee Lamb, and left guard Tyler Smith all saw their contracts get restructured this week, per ESPN. All three moves cleared more than $66 million worth of salary cap space for the Cowboys.
According to Spotrac, the Cowboys currently have just north of $7 million in cap space; they’re not exactly Rockefeller, but they’re in a significantly better position than they were a few hours ago.
The more money they free up, the more likely it is that the Cowboys will be able to retain several of their own key unrestricted free agents.
Estimated salary conversions for Dak Prescott, CeeDee Lamb, & Tyler Smith open up about $65M of cap space, bringing the #Cowboys into compliancy (+$7M).
Dallas still has plenty of simple solutions to gain a significant amount ($50M+) of space by the start of the league year.
— Spotrac (@spotrac) March 4, 2026
They’ll also be able to sign Lamb’s running mate, George Pickens, to a long-term extension, spreading out his cap hit for more flexibility. At the moment, Pickens is signed to a one-year franchise tag for more than $27 million.
The Dallas Cowboys just COOKED the cap.
Restructured Dak, CeeDee & Tyler Smith → cleared ~$66M⁰
Went from $55M OVER to UNDER the $301.2M cap.
Still need more room to be aggressive like Jerry says… ⁰
George Pickens sitting at $33m — long-term deal could free up even more…— Cowboys CanFan (@CowboysCanFan) March 4, 2026
That’s precisely what a fan hinted at in a post on X. If Jerry Jones wants to be as aggressive as he often says he does, the Cowboys will have to continue with the salary-cap gymnastics before the free-agency period opens up next week.
Usayd Koshul of Bear Report indicated that the Cowboys, who are armed with a pair of first-round picks in next month’s draft, could find themselves throwing their hat into the race for Las Vegas Raiders pass rusher Maxx Crosby.
Noteworthy: #Cowboys just restructured the contracts of Dak Prescott, CeeDee Lamb, and Tyler Smith.
Dallas also has two first round picks in this year’s draft (12th and 20th overall), giving them the ammo needed to meet the #Raiders asking price.
Las Vegas having three first… https://t.co/q8o7yilgyp
— Coach Usayd Koshul (@usaydkoshul) March 4, 2026
Cowboys team writer Tommy Yarrish believes that these restructures are the first of many moves to come for Jones.
The #Cowboys have begun to officially restructure contracts ahead of the start of free agency, beginning with Dak Prescott and Tyler Smith today to create roughly $47 million in cap space.
These are the first of expected moves with more to come.
More: https://t.co/b3Ga4XNTgi pic.twitter.com/3Mb7q8q5MS
— Tommy Yarrish (@tommy_yarrish) March 4, 2026
Among those moves, the Cowboys’ entire defensive line is expected to be addressed. Quinnen Williams, Kenny Clark, and Osa Odighizuwa are all believed to be restructuring candidates, according to D210Sports’ Sydney Staples.
QB Dak Prescott and OL Tyler Smith officially restructured their #DallasCowboys contracts, creating ~$47 million in cap space ahead of next week’s free agency.
Contracts of CeeDee Lamb and their three DTs (Q Williams, Kenny Clark & Osa Odighizuwa) may also get restructured.
— Sydney Staples (@sydstaples) March 4, 2026
After a high-flying start to the season for the Cowboys’ offense, the defense faltered and never seemed to keep up, hence the team’s decision to pursue a blockbuster trade for Williams at the midseason deadline.
Andrew Evans Poly believes that the Cowboys will need to exclusively beef up their defense in free agency.
Regardless, the moves with Prescott, Lamb, and Smith were small steps in the right direction. There’s still a lot of work to be done for the Cowboys, both to maneuver the salary cap and to fully bolster their roster.
Just don’t ask SBNation’s RJ Ochoa how many steps are involved in that process, because you may not like the answer.
At the moment, most of the Cowboys’ departing free agents are on the defensive side of the ball.
It’s a list that includes a pair of linebackers in Logan Wilson and Kenneth Murray, safety Donovan Wilson, edge rushers Dante Fowler Jr., Jadeveon Clowney, Payton Turner, and Sam Williams, and cornerback C.J. Goodwin.
