FRISCO, Texas -- Dallas Cowboys quarterback Dak Prescott no longer has the highest 2025 salary cap figure in the NFL.
The Cowboys have restructured Prescott's contract and created $36.6 million in cap space, a source told ESPN on Wednesday. The Cowboys converted $45.75 million of Prescott's base salary to a signing bonus, reducing his cap figure from $89.89 million to $53.29 million.
In the past two days, the Cowboys have created $56.6 million in cap room by restructuring the contracts of Prescott and wide receiver CeeDee Lamb. But that doesn't mean they will spend big when free agency begins next week.
"I'm not looking at free agency as a place to fill voids," owner and general manager Jerry Jones said.
That doesn't mean the Cowboys don't have needs for their roster.
"Not if you include what might work for us in the draft and what we're doing with our own roster relative to who we want to sign," Jones said.
The restructures do not impact a potential extension for All-Pro pass rusher Micah Parsons, who is set to play the 2025 season on the fifth-year option of his rookie deal at $22.06 million. A contract extension would lower that number, creating more cap room for the Cowboys.
Parsons told ESPN late last season that he does not need to be the highest-paid defensive player in the NFL and said after the season ended that he wanted the Cowboys to be a player in free agency. The Cowboys recently opened discussions with Parsons' agent on an extension.
The timing of when a deal gets finalized is not overly important to Jones. Last year, the Cowboys did not sign Lamb until the end of training camp and signed Prescott hours before the season opener.
"We get criticized because we wait until the end or what you would call the end, and that is lining up for the first game," Jones said. "It just happens that way. I've been one of the earliest out there on several contracts in my 35 years."
On Tuesday, the Cowboys signed Parsons' running mate, defensive tackle Osa Odighizuwa, to a four-year, $80 million deal that included $52 million guaranteed. His 2025 cap number is $6.25 million.
Executive vice president Stephen Jones said the Cowboys would be "selectively aggressive" in free agency this year, compared to a year ago when they lost key free agents such as left tackle Tyron Smith, running back Tony Pollard, center Tyler Biadasz, defensive ends Dorance Armstrong and Dante Fowler, and defensive tackle Johnathan Hankins from a 12-5 team in 2023 and did little to replace them.
"As opportunity would come up from [outside], not the draft, not from within, as the opportunity comes up, we'll weigh it," Jerry Jones said. "Last year, we would have waited, but we'll look and see the opportunity to improve on the plan that basically both defense and offense is to complement what we're wanting to do with a Dak-led team."
With free agency looming next week, the Cowboys have a number of pending free agents they would like to keep, including cornerback Jourdan Lewis, punter Bryan Anger and running back Rico Dowdle. Last year's leading tackler, linebacker Eric Kendricks, is set to be a free agent, as is longtime defensive end DeMarcus Lawrence.
If Lawrence leaves and with the retirement of All-Pro right guard Zack Martin, Prescott, a fourth-round pick in 2016, would be the longest-tenured member of the Cowboys.
As for Prescott's contract, the drop in this year's cap number will lead to a $9.15 million increase in his 2026 cap number to $76.8 million.