Cap comparable: How Prescott's contract compares to other top quarterbacks

Many wondered whether Dallas Cowboys owner Jerry Jones would open up his wallet for quarterback Dak Prescott during the off-season.

Well, he did that and more.

A few hours before Week 1 kickoff, Jones decided to open the vault and make Prescott the highest-paid player in the NFL by signing him to a four-year, $240 million contract extension with a whopping $60 million average annual value. More importantly, it ensures stability at the quarterback position for the Cowboys until 2028.

The new deal does come at a cost, as the Cowboys are paying Prescott the highest average annual salary in NFL history, eclipsing Joe Burrow, Jordan Love and Trevor Lawrence, who previously led the way with a $55 million AAV.

Jones initially showed some hesitation in handing his quarterback this deal because of the team's playoff struggles. The Cowboys are 2-5 in the post-season under Prescott.

Prescott had some leverage, as the Cowboys risked letting him reach free agency as he was heading into the final year of his current deal. If Prescott had left the Cowboys as a free agent, the team would've had to deal with almost $95 million in dead cap after this season.

The 31-year-old was coming off his best season in the NFL last year, as he led the league with 410 completions and 36 touchdowns and finished second in MVP voting. 

Prescott's deal not only makes him the highest-paid player per season, but he also receives the most guaranteed money in the NFL at $231 million. That is just $1 million more than the $230 million the Cleveland Browns quarterback gave Deshaun Watson.

Here is how Prescott's deal stacks up to other top quarterbacks in the NFL.

Patrick Mahomes, Kansas City Chiefs

Contract: 10 years, $440 million ($45 million AAV)

Mahomes still owns the largest total value for a contract in NFL history after signing a 10-year $450 million deal in 2020. Prescott's deal actually only ranks eighth in total value among quarterbacks, but the four-year term inflated the average salary of the deal.

Technically, Mahomes' deal can be worth $503 million with $477 million in guarantee mechanisms, which gave Mahomes the ability to have outs if the mechanisms are not exercised.

There is no doubt that Mahomes was worth the deal he signed as a three-time Super Bowl winner and a two-time NFL MVP.

Getting the long-term pact done with Mahomes has allowed the Chiefs to maintain their competitive window since Mahomes isn't even in the top 10 in terms of highest-paid quarterbacks per year.

Joe Burrow, Cincinnati Bengals

Contract: 5 years, $275 million ($55 million AAV)

Burrow became the first quarterback to make $55 million per season and it was a significant investment made by the Bengals.

When he signed the deal back in 2023, Burrow had led the Bengals to back-to-back appearances in the AFC Championship game, doubling Cincinnati's previous number of conference championship appearances since 1968.

Since being selected first overall in 2020, the 27-year-old has thrown for 14,083 yards, 97 touchdowns and 37 interceptions in 52 career starts. Only Justin Herbert has thrown for more yards (17,223) and touchdowns (114) from that draft but he has also played in more games (62) than Burrow.

Jared Goff, Detroit Lions

Contract: 4 years, $212 million ($53 million AAV)

A few months before Prescott secured his extension, another quarterback from the 2016 NFL Draft also got a rich extension from his team.

The Lions rewarded Goff with a four-year, $212 million contract extension back in May, making the first overall pick from the 2016 NFL Draft the second-highest-paid quarterback at the time.

Coming off his third season in Detroit, the 29-year-old for 4,575 yards with 30 touchdowns and 12 interceptions. More importantly, he helped the Lions reach the NFC Championship Game for the first time since 1991.

Out of all the quarterbacks taken in the 2016 NFL Draft, Goff still leads the class with 30,429 passing yards, but Prescott has more passing touchdowns (84) and fewer interceptions (74) than Goff (82). Prescott also has 407 carries for 1,884 yards and 28 touchdowns, while Goff has 241 rushes for 495 yards and 12 touchdowns.