In a series of strategic, though conservative, moves during this year's free agency, the Dallas Cowboys have quietly made adjustments aimed at bolstering their roster without taking big financial risks. While other teams made headlines with splashy signings, the Cowboys opted for a more measured approach.
Key Signings and Adjustments
The Cowboys’ most significant acquisition was 32-year-old linebacker Eric Kendricks, who was signed to a one-year deal valued at $3 million, with incentives that could push the contract's value to $3.5 million. Kendricks was brought in specifically to fill the gap left by the retiring Leighton Vander Esch, a move that signals Dallas's intention to maintain veteran leadership within their defensive squad.
Running back needs were also addressed with the re-signing of Rico Dowdle for a one-year contract worth $1.255 million. Furthermore, Ezekiel Elliott’s return on a one-year, $2 million contract, which could increase to $3 million through incentives, came after the 2024 NFL Draft in late April. While these signings may not have the star power of some other teams' choices, they signify Dallas's commitment to maintaining continuity and experience within their squad.
Missed Opportunities and Financial Constraints
Contrary to some fan expectations, Derrick Henry did not end up in Dallas. Instead, Henry signed a lucrative two-year, $16 million contract with the Baltimore Ravens at the start of free agency in March. The deal includes $9 million fully guaranteed and could ultimately be worth $20 million with incentives. Commenting on the situation in the "Pivot" podcast, Henry remarked, "I was like, man, if I'm not in Tennessee or I don't get to go to Dallas, I'd love to be a Raven."
Henry’s performance thus far justifies the Ravens' investment. He has amassed 281 rushing yards, ranking him fifth in the NFL, and is tied at the top for rushing touchdowns with four to his name. With an average of 5.0 yards per carry and 65 rushing yards over expectation, Henry has positioned himself among the league’s elite backs.
The Cowboys, however, faced financial limitations that precluded such a high-profile signing. "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is," said Henry. Cowboys owner Jerry Jones was candid about the team’s position, stating, "We couldn't afford Derrick Henry."
Impact on the Field
The economic caution has left Dallas with certain vulnerabilities. The Cowboys' running game has been subpar, currently ranking 30th in the NFL with an average of just 73.7 yards per game. Their running backs have managed a mere 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry. These statistics place them minus 74 rushing yards over expectation, a figure better only than the Chicago Bears and Miami Dolphins.
Adding to their salary cap complexity is a $6.04 million charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott. These financial challenges underscore the Cowboys' conservative approach, with Jerry Jones himself admitting the team’s limitations but also declaring that Dallas would be "all in" for the 2024 season.
Eagles Set the Market
Meanwhile, the Philadelphia Eagles have made one of the most significant moves by signing Landon Dickerson, thereby making him the NFL’s highest-paid offensive guard in March. This kind of financial commitment highlights the discrepancy in spending power and willingness to invest heavily in star players between rival teams in the same division.
Henry’s contract was structured creatively, potentially reducing his cap number for 2024 to $2.595 million through the addition of three dummy years. Such financial maneuvering exemplifies the different strategies teams employ to remain competitive under the salary cap constraints.
As the season progresses, the efficacy of the Cowboys’ conservative strategy will be scrutinized, particularly if their running game continues to underperform. Despite the financial restraints and missed opportunities, Dallas remains committed to their existing roster, banking on experience, and cohesive team play to drive success.
All eyes will be on Dallas to see if their calculated risks pay off or if the bolder moves by their rivals overshadow their more cautious approach.