At long last, the Cowboys have a deal done with one of their contract-year cogs. The team has reached an agreement with CeeDee Lamb, ending his holdout.
Dallas is giving Lamb a four-year, $136MM deal, ESPN.com’s Adam Schefter reports. This gives Lamb a $34MM AAV, which puts him between Justin Jefferson and A.J. Brown. The fifth-year Dallas standout is now the NFL’s second-highest-paid wide receiver. Lamb will earn $100MM guaranteed on this deal, NFL.com’s Ian Rapoport tweets. This gives him considerable separation from Brown in terms of wideout guarantees.
This comes after a Monday report indicated the Cowboys had again upped their offer. Dallas had come in with a deal worth just less than $33MM per year. Lamb’s camp moved the team to this $34MM-AAV point, doing well to capitalize on the 2020 first-rounder’s monster season and the salary cap’s recent spike. The NFL now has five $30MM-per-year receivers, with the market moving many times over after the ceiling did not budge in 2023.
Lamb emerged on the Cowboys’ extension radar last year, but the team followed the Vikings in waiting. Jefferson created a gap between himself and the field with his four-year, $140MM pact, and he set the Lamb market in the process. The Eagles had given Brown a three-year, $96MM deal in April, and Jefferson one-upped that. The Cowboys were understandably hesitant to give Lamb a deal that make him the NFL’s highest-paid non-QB, and a report soon indicated the Oklahoma alum was not mandating that. Though, he came awfully close on this deal — one that puts Dallas in a new guarantee sector regarding a non-QB payment.
The Cowboys came into camp with one of the more complex contract quandaries in recent NFL history. Dak Prescott remains unsigned, and Micah Parsons fully expects to become the NFL’s highest-paid non-quarterback when his payday comes. The Cowboys may well table that to 2025, a prospect Parsons sounded fine with when he addressed the matter earlier this summer. This offseason represented Lamb’s window to cash in, and the Cowboys have their top weapon signed through the 2028 season.
In terms of guarantees, the Cowboys are in uncharted waters for a non-Prescott contract. Their previous WR guarantee high came in at $60MM — Amari Cooper‘s 2020 deal. The Eagles guaranteed Brown $84MM, and the Cowboys have signed off on Lamb bridging the gap to Jefferson’s record-smashing $110MM number.
It will be interesting to see how this contract is structured, as the Cowboys have escaped making good on a guarantee for a receiver in the recent past. But the team bent on its usual term-length preference by agreeing to a four-year Lamb re-up. The Cowboys generally prefer five- or six-year extensions, but the receiver market is flooded with high-end deals for three or four years. This undoubtedly factored into Lamb’s talks.
The Cowboys fully guaranteed Cooper $40MM and escaped needing to pay him the additional $20MM by trading him to the Browns in 2022. Lamb’s future contract factored into that decision, and while the Cowboys have seen the Cooper trade hurt their receiver situation as a whole, their 2020 first-rounder has dominated with Cooper in Cleveland. Lamb, 25, posted 1,359 yards and nine touchdowns in 2022 and then dropped a record-setting Cowboys showing. He led the NFL with 135 receptions last season, totaling 1,749 yards and 12 touchdowns in that banner campaign. It is difficult for a receiver to make a better case for a long-term payment, and Lamb’s camp took care of him months later.
Lamb broke Michael Irvin‘s single-season franchise reception record by 24 and eclipsed the Hall of Famer’s yardage record by 146. These new standards, of course, came in a 17-game season during an era that features higher pass-game usage and friendlier rules for offenses. But Lamb still submitted a statement season to prove worthy of a top-market extension. This now shines a brighter light on Prescott.
More to come.