Both Dak Prescott and CeeDee Lamb landed monster Cowboys extensions ahead of Week 1. Micah Parsons was eligible for a second contract during the offseason, but to little surprise he did not engage in serious contract talks during the summer. 
Parsons has made it clear to the Cowboys’ front office that no extension talks will take place during the regular season. The 2021 Defensive Rookie of the Year’s attention is focused on another campaign with standout production, something which would help his bargaining power. Parsons is also well aware of where the edge market as a whole currently stands, though.
Ian Rapoport of NFL Network confirms Parsons is prepared for a lengthy wait to secure his second contract. Part of the negotiating process will depend on what happens with the league’s other contracts at the top of the position’s market. As Rapoport notes, both T.J. Watt and Myles Garrett could hammer out new deals with their respective teams next offseason; Watt’s Steelers pact runs through 2025 and does not include guaranteed salary for its final year. Garrett is on the books though 2026, and he too does not have guaranteed salaries beyond the current year.
Watt and Garrett have seen their deals surpassed in terms of annual average value over the past two years. Nick Bosa inked a 49ers extension averaging $34MM per year in 2023, while this past offseason saw Josh Hines-Allen (Jaguars) and Brian Burns (Giants) slot second and third in terms of AAV. If market corrections are made for some of the top veterans seeking to adjust their deals next spring – coupled with an increase in the salary cap ceiling, of course – Parsons could be positioned to command a massive raise.
To little surprise, Rapoport notes Parsons is expected to surpass Bosa as the league’s top earner amongst edge rushers once his deal is in place. Bosa took the title of the NFL’s highest-paid non-quarterback with his deal and held it until Justin Jefferson landed a Vikings pact with a $35MM AAV. Parsons, 25, was tied in June to an asking price which would move him to the top of the pecking order for non-QBs. It would not surprise if he angled for such a pact, although the Cowboys’ deals for Prescott and Lamb met their desired terms in both cases.
Dallas’ ability to handle the cap implications of Prescott, Lamb and Parsons on monster pacts will be challenging moving forward. The likes of Zack Martin and DeMarcus Lawrence are pending free agents, so they too will need new commitments if they are to be retained beyond the current season. Needless to say, the Parsons negotiating process will be an interesting storyline for the Cowboys in particular and the league as a whole once it begins.