Cowboys Make Flurry of Moves Before NFL Free Agency

Dallas restructures contracts to free up cap space and prepares for active free agency period.

Published on Mar. 4, 2026

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The Dallas Cowboys have been busy this offseason, making several significant moves to restructure the contracts of key players like Dak Prescott and CeeDee Lamb in order to free up salary cap space. This comes as the team placed the non-exclusive franchise tag on wide receiver George Pickens, allowing other teams to potentially sign him while the Cowboys maintain the right to match any offer. Cowboys owner Jerry Jones has indicated the team plans to be aggressive in free agency as they look to bounce back from a disappointing 7-9 season and compete in the stacked NFC.

Why it matters

The Cowboys' moves to restructure contracts and free up cap space suggest they are intent on being active players in free agency this offseason as they try to retool their roster and return to playoff contention after missing the postseason in 2025. Keeping key offensive stars like Prescott and Lamb under contract long-term is crucial, while the Pickens situation will be closely watched as the team tries to retain one of their top playmakers.

The details

The Cowboys have restructured the contracts of quarterback Dak Prescott and offensive lineman Tyler Smith, freeing up $47 million in cap space. They have also restructured the deal of wide receiver CeeDee Lamb. The team placed the non-exclusive franchise tag on Pickens, which allows other teams to sign him but gives the Cowboys the right to match any offer. If they choose not to match, the team that signs Pickens would have to send Dallas two first-round draft picks.

  • On March 1, the Cowboys placed the non-exclusive franchise tag on wide receiver George Pickens.
  • On March 2, the team restructured the contracts of Dak Prescott and Tyler Smith, freeing up $47 million in cap space.
  • On March 3, the Cowboys also restructured the contract of wide receiver CeeDee Lamb.

The players

Dak Prescott

The Cowboys' starting quarterback, who has been a key part of the team's offense in recent years.

George Pickens

The Cowboys' star wide receiver, who the team placed the non-exclusive franchise tag on this offseason.

CeeDee Lamb

Another top wide receiver for the Cowboys, whose contract was restructured to free up cap space.

Tyler Smith

An offensive lineman for the Cowboys whose contract was also restructured.

Jerry Jones

The owner of the Dallas Cowboys, who has indicated the team will be aggressive in free agency this offseason.

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What they’re saying

“I could see us being aggressive in free agency. By the very virtue of having two number ones, we're gonna spend more money in the draft than normally you would spend... I would bet that we will spend more money in free agency than we have.”

— Jerry Jones, Cowboys Owner (DallasCowboys.com)

What’s next

The Cowboys will have to continue navigating the Pickens situation, as he has until July 15 to agree to a long-term extension with the team. Dallas will also be active in free agency as they look to improve the roster and return to the playoffs.

The takeaway

The Cowboys' offseason moves to restructure contracts and free up cap space demonstrate their commitment to being aggressive in free agency and retooling the roster in an effort to bounce back from a disappointing 2025 season. Keeping key offensive stars like Prescott and Lamb under contract long-term is crucial, while the Pickens situation will be closely watched as the team tries to retain one of their top playmakers.