The Dallas Cowboys have officially restructured the contracts of quarterback Dak Prescott and offensive lineman Tyler Smith to create $47 million in salary cap space, according to Adam Schefter and Field Yates of ESPN.
The move comes as the Cowboys work to become cap-compliant ahead of the new league year. By converting base salary into signing bonuses for Prescott and Smith, the organization has significantly increased its financial flexibility. This massive swing in cap room is a critical step for the front office as they previously faced a significant deficit that limited their ability to make roster additions or finalize extensions.
In addition to these two completed restructures, the team is also expected to restructure the contract of star wide receiver CeeDee Lamb. This additional step is anticipated to further aid the Cowboys in managing their total cap hits as they prepare for the 2024 season and navigate the constraints of the league's salary cap. The extra room created by these moves will be vital as the team looks to balance its books while maintaining a competitive roster in the NFC.
These financial maneuvers are part of a broader strategy to ensure the Cowboys have the necessary capital to retain key talent and potentially explore the free agent market. With Prescott and Smith now addressed, the team moves closer to being fully compliant with league regulations before the official start of the new calendar year.
This is a developing story. Check back for updates.
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