The Cowboys are about to double their cap space. What can they do with it?

David Helman

Dallas Cowboys insider

That’s why you make tough financial decisions.

Nearly three months have passed since the Cowboys released Ezekiel Elliott, a necessary accounting decision that couldn’t have been more fun for those in power. But as much as it hurt Jerry Jones to cut a franchise favorite, the Cowboys’ owner and general manager is about to see the payoff.

Although the move took place way back in March, Elliott was designated a post-June 1 cut at the time. Essentially, this means the Cowboys were able to spread his $16.7 million cap hit over two years, making it less painful to cut and freeing up $10.9 million in cap space. The only catch is that the savings won’t become available until the move is processed on June 1.

It was a long wait, but the windfall has come. The Cowboys can now add that extra $10.9 million to their already existing $10.5 million in cap space, meaning only five or six teams in the NFL have more to spend than their roughly $21 million.

Now, for the most important part, what could the Cowboys do with it? Given so much buying power, it’s understandable to get ideas about free agents from big names like, say, newly available receiver DeAndre Hopkins.

The reality is probably a lot less interesting.

The Cowboys have a lot of cap space. They also have quite a few expenses in their path. Trevon Diggs enters the final year of his rookie contract, with a view to a possible extension. Other notable upstarts like Terence Steele, Jayron Kearse and Tyler Biadasz are also headed for free agency in 2024.

Then there are the really big tickets. Although he has two years left on his deal, CeeDee Lamb is heading for a major extension. Micah Parsons may be flirting with a record amount by the time he’s eligible to negotiate a year from now. And, of course, there’s Dak Prescott, who the team has publicly spoken of as moving beyond his current deal.

[What could CeeDee Lamb, Trevon Diggs contract extensions look like for Cowboys?]

Even without factoring in the cost of nuts and bolts that crop up over the course of a season, there are many places to spend that extra cash.

Is Dak Prescott or Mike McCarthy under more pressure this season?

Maybe some of it could still go to Hopkins or someone like him – provided the costs are to the Cowboys’ liking. Dallas has shown a willingness to attract big name veterans as long as the price is manageable. In 2020, they acquired Everson Griffen for the low price of $3 million in guarantees. Last summer, they brought in Anthony Barr for $2 million. Remember, their trade for Brandin Cooks didn’t go through until this spring when the Houston Texans agreed to pay one-third of his $18 million salary.

The Cowboys are happy to take on Pro Bowlers at a discount, but history tells us they’re not about to be the highest bidders – even if there’s money to be spent.

In the case of Hopkins specifically, that’s not necessarily a bad thing. As noted, Lamb is going bankrupt soon and Michael Gallup is already in the building with a $57 million deal. Add in the portion where Cooks is under contract for two more seasons, and it’s fine if the Cowboys don’t want to outbid for a receiver who turns 31 next week.

The smart bet is that the Cowboys will still add talent this summer, even if it’s not as exciting a player as Hopkins. Griffen and Barr were added to training camp and last year Jason Peters signed on the eve of the season. It’s a foregone conclusion that the front office will at least sign another kicker.

So, what happens to the added cap space? A lot – just maybe not in the way you might hope.

David Helman covers the Dallas Cowboys for FOX Sports. He previously spent nine seasons covering the Cowboys for the team’s official website. In 2018, he won a regional Emmy for his role in the production of “Dak Prescott: A Family Reunion” about the quarterback’s time in Mississippi. Follow him on Twitter @davidhelman_.