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According to NFL Network’s Jane Slater, the team is prepared to sign Prescott for an average annual salary of between $33 million and $35 million with more than $100 million guaranteed.
The deadline for Prescott to strike a deal or accept the franchise tag is Wednesday at 4 p.m. ET.
Slater reports the two sides have not yet discussed the latest offer together.
In between those numbers, Prescott would be competing with the likes of Russell Wilson ($35 million average annual value), Ben Roethlisberger ($34 million AAV), Aaron Rodgers ($33.5 million AAV), Jared Goff ($33.5 million AAV), Kirk Cousins ($33 million AAV) and Carson Wentz ($32 million AAV).
Notably, each of those quarterbacks has either a Super Bowl ring or Super Bowl appearance, with the exception of Cousins.
Prescott would join the Minnesota QB as passers earning $30 million or more per year despite just one playoff win on their resumes. Yet Prescott was arguably one of the most productive quarterbacks in 2019, throwing for 4,902 yards (second-most in the league) with 30 touchdowns and 11 interceptions. He also finished with the fourth-best QBR in football with 70.2, behind only Lamar Jackson, Mahomes and Drew Brees.
Without an extension, Prescott would earn $31.4 million next year on the franchise tag before entering unrestricted free agency after the season.
On the open market, it may be much harder for Dallas to sign him, even with a roster that’s been built into a title contender.
In that scenario, Prescott could conceivably become the most sought-after free agent in 2021 with only Philip Rivers, Jameis Winston, Mitchell Trubisky and Nick Mullens standing out among quarterbacks in next year’s class.
Contract details via Spotrac.