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Report: Dallas Cowboys restructure Dak Prescott, Tyler Smith contracts to make salary cap room

Meby: Nick Geddes03/04/26NickGeddesNews

The Dallas Cowboys on Wednesday restructured the contracts of quarterback Dak Prescott and left guard Tyler Smith, according to Adam Schefter of ESPN. As a result, Dallas has created $47 million in salary cap space.

The Cowboys are not done. They are expected to restructure the contract of wide receiver CeeDee Lamb, as well. Restructuring Lamb’s deal will bring that figure to around $66 million, per Joseph Hoyt of the Dallas Morning News.

Dallas, coming off a disappointing 7-9-1 finish to the 2025 season, is expected to be a major player in free agency and/or the trade market this offseason. The new league year begins next Wednesday and team owner/general manager Jerry Jones said last week he can see the Cowboys being aggressive.

“I could see us being aggressive in free agency,” Jones said at the NFL Scouting Combine in Indianapolis, via DallasCowboys.com. “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 on Cowboys: ‘We got to go this year’

Jones added, “we got to go this year.” Clearly, he’s not interested in slow-building anything in Dallas. He wants to capitalize on the present and that might involve parting ways with his future.

“The only way to push more is for me to go borrow some of my future. Expect me to go borrow some of my future,” Jones said. “… I want to do everything we possibly can to stop somebody and to basically win some third downs more than we did last year. So, I think that would be the area that you would see me bust the budget.”

In looking at the Cowboys’ roster, the areas in need of upgrade are mostly on the defensive side of the ball. The Cowboys ranked last in defensive EPA last season. They need an edge rusher — perhaps multiple — and the same applies to the linebacker and both secondary positions.

The Cowboys own picks No. 12 and No. 20 in the first round of the 2026 NFL Draft. They have also been reported to be among the suitors for Las Vegas Raiders pass defensive end Maxx Crosby.

There are a lot of different avenues Dallas can pursue this offseason as they aim to build a Super Bowl contender. Another season with no playoffs will not suffice.