The Dallas Cowboys entered Wednesday with the worst salary cap situation in the NFL. Even with the 2026 NFL cap being set at $301 million, the Cowboys were $56 million over it. What is more, owner and general manager Jerry Jones recently promised fans that Dallas would be big spenders in free agency this off-season.
And with free agency set to begin in a week, many wondered how the Cowboys were going to be able to fulfill Jones’ promise.
They took three really big steps on Wednesday, and are actually setting themselves up to, in fact, be the big players in free agency that Jones said they would be.
The Dallas Cowboys have restructured the contract of CeeDee Lamb
Dallas Cowboys, CeeDee Lamb
Oct 19, 2025; Arlington, Texas, USA; Dallas Cowboys wide receiver Ceedee Lamb (88) warms up prior to the game against the Washington Commanders at AT&T Stadium. Mandatory Credit: Kevin Jairaj-Imagn Images
Earlier today, it was reported that the Cowboys had restructured the contracts of left tackle Tyler Smith and quarterback Dak Prescott. The moves freed up $47 million in salary cap space. However, that still left them $9 million over the cap.
That being said, shortly after the news of these restructures was announced, the team also revealed that they had restructured the contract of All-Pro wide receiver CeeDee Lamb:
Sources say the CeeDee Lamb’s contract has been restructured as well. Cowboys now under the cap. https://t.co/Ry33HsxKzt
— Todd Archer (@toddarcher) March 4, 2026
Lamb’s restructure is believed to have saved Dallas a further $16 million, which puts them about $7 million under the cap. This is important as every NFL team must be cap compliant by next week when the new league year begins.
However, $7 million will not even be enough money for them to sign their own 2026 NFL Draft class, much less spend big money in free agency.
That being said, Cowboys insider Nick Harris reports that the team still is working through other contract decisions. These include a possible contract extension for Kenny Clark, who was acquired in the Micah Parsons trade last year. Additionally, Dallas is looking at restructuring the contracts of Quinnen Williams and Osa Odighizuwa.
These restructures, along with upcoming roster cuts, should give the Cowboys the flexibility they need to be the big players in free agency that Jones wants them to be.
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