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Dak Prescott and the Dallas Cowboys have until Wednesday to agree on a long-term deal. With Patrick Mahomes signing his record contract just last week, there’s a ton of added pressure to get a deal done now. However, Prescott would be wise to wait. The Cowboys’ QB can make tens of millions more if he holds off on a long-term contract for another season or two. Signing a contract prior to the 2020 season would be a huge financial mistake for Prescott.

The Cowboys have until Wednesday to sign Dak Prescott to a long-term deal

Wednesday, July 15 is an important day for the future of the Dallas Cowboys. It marks the deadline for NFL teams to sign players to long-term deals, and Jerry Jones will be on the clock more than any other team owner this week.

Dak Prescott, the team’s biggest asset, wants a multi-year deal with the Cowboys. The two sides have yet to come to an agreement, and it seems unlikely they will be able to by Wednesday’s deadline.

As of now, Prescott is signed to the exclusive franchise tag and will earn a guaranteed $31.4 million in 2020. For the Cowboys, that’s a steal for one of the brightest young stars in the NFL. For Prescott, though, he can earn much more if he waits to negotiate for another season.

Dak Prescott can make millions more by waiting to sign a long-term contract

After seeing Patrick Mahomes rake in $500 million with his new contract, Prescott might be tempted to get a deal done this week. Prescott could earn more than $31.4 million per year with a long-term contract of his own, but a patient approach could pay off in a big way for the Cowboys’ QB.

If Prescott waits to renegotiate and the Cowboys tag him again in 2021, that franchise tag would be worth $38 million. In 2022, his franchise tag would be worth a staggering $55 million.

This year-by-year approach was employed recently by Vikings’ quarterback Kirk Cousins. Cousins used a variety of franchise tags to earn a whopping $137.9 over the last four years. He was the highest-paid player in the entire NFL over that span.

For Prescott, there’s no rush to sign a long-term deal and lock into a set amount for years to come. If he plays the system right, he can surpass Mahomes as the highest-paid player by 2022.

Dak Prescott has negotiating leverage over the Cowboys

Prescott might want to get the drama of his contract out of the way to put his full focus on the field, but he shouldn’t rush to get a deal done just for the hell of it.

Prescott, not the Cowboys, has the negotiating leverage at this point in time. If he stands firm, Prescott will earn a guaranteed $31.4 million this year and $38 million in 2021. The Cowboys don’t want those massive numbers to engulf their cap space, so there’s more pressure on Jerry Jones to get a deal done now.

If Prescott isn’t happy with their offer, he can sit back and count his guaranteed money for years to come. He would be foolish to lock himself into a long-term deal while record-breaking money is right around the corner for the young QB.