Dallas Cowboys quarterback Dak Prescott.

The Dallas Cowboys have restructured quarterback Dak Prescott’s contract, opening up a large amount of cap space.

Prescott signed the richest deal in league history last season, inking a four-year, $240 million extension with Dallas. The restructure opens up $37 million in cap space. Prescott’s previous cap number was set to be nearly $90 million.

The move comes less than 24 hours after the Cowboys restructured the contract of wide receiver CeeDee Lamb, who is also fresh off a lucrative extension.

“I want to win. It’s gonna take more than just myself,” Lamb said on X after the move.

Lamb signed a four-year, $136 million extension with the Cowboys back in August. However, he made it clear that he wants to help Dallas compete after a 7-10 campaign. The legal tampering period for impending free agents starts on March 10, with the official start of the league year. Free agency officially begins on March 12.

Cowboys Have to Reach Deal With Micah Parsons

The Cowboys’ biggest priority this offseason is signing edge rusher Micah Parsons to an extension. He’s entering the final year of his contract and is expected to be among the highest-paid defenders in the NFL on his new deal.

“There’s definitely a plan in place, but we’ll just see how everything plays out,” Parsons said in February. “There’s been no progress yet, but I’m pretty confident that something will happen, so we’ll see.”

The price for Parsons is going up quickly, with multiple pass-rushers expected to sign lucrative deals in the coming weeks. The Las Vegas Raiders struck first on Wednesday, signing Maxx Crosby to a three-year, $106.5 million deal with $91.5 million guaranteed.

Jane Slater of NFL Network said the Cowboys are in no rush to strike a deal with Parsons, although it’s still expected to happen at some point this offseason.

Cowboys QB Dak Prescott Feeling ‘Good’

Prescott’s season ended preemptively. He played in just eight games due to a hamstring injury that required surgery. Prescott is rehabbing hard but expects to be ready for the start of next season.

“I’m not gonna put a timeline on it, but I’ll be ready for the first game and when anything matters and very, very ready,” Prescott said, via Cowboys.com. “I’m feeling good. I’m doing more and more. The last two weeks have been huge and progressive for me.

“I wouldn’t say I’m running full speed yet. But everything’s on the right track, and I’m excited.”

Prescott’s season was largely disappointing before the hamstring injury. He passed for 1,978 yards, 11 touchdowns and eight interceptions. When he steps on the field next, the Cowboys will look different with new head coach Brian Schottenheimer on the sideline. Shottenheimer is taking over for Mike McCarthy, who mutually parted ways with the Cowboys this offseason after his contract expired.

“Super excited for him, this opportunity,” Prescott said after the hire. “Obviously, I’ve worked with him for the last couple of years; understanding the type of coach is, the type of man he is, the way that he approaches the game.”

Schottenheimer has been with the Cowboys since 2022 and previously served as the team’s offensive coordinator.

J.R. DeGroote covers the Cleveland Browns and Los Angeles Lakers for Heavy.com. He graduated from Arizona State and has decades of experience in digital media with previous stops at SBNation and Bleacher Report. He has won multiple state, regional and national honors for sports reporting and photography. More about J.R. DeGroote