In a strategic move that showcased their conservative approach to this year's free agency, the Dallas Cowboys opted to tread carefully while other NFL teams made bold, headline-grabbing acquisitions. The biggest addition to their roster came in the form of 32-year-old linebacker Eric Kendricks, who signed a one-year deal valued at $3 million, with potential incentives pushing the contract's value to $3.5 million. Kendricks was brought in to fill the void left by the retiring Leighton Vander Esch, a linchpin of the Cowboys' defense.
Addressing another key need, the Cowboys re-signed running back Rico Dowdle to a one-year contract worth $1.255 million. The backfield situation was further solidified with the return of veteran Ezekiel Elliott on a one-year, $2 million contract, which could increase to $3 million through incentives following the 2024 NFL Draft in late April.
Missed Opportunities
The Cowboys missed out on lucrative opportunities to bolster their roster further. One such player they had their eyes on was star running back Derrick Henry, who eventually signed a two-year, $16 million contract with the Baltimore Ravens in March at the start of free agency. Henry's deal includes $9 million fully guaranteed and could reach $20 million with incentives, highlighting the kind of financial commitment serious contenders were willing to make.
Speaking on the "Pivot" podcast, Henry revealed his thoughts about potentially joining the Cowboys. "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 commented. Despite his desire for a move to Dallas, he admitted, "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is."
When asked about the team's approach, Cowboys owner Jerry Jones was candid. "I like our personnel. We couldn't afford Derrick Henry," he stated. Jones was resolute in his belief that they had done what was best under the circumstances. His words, "We couldn't afford Derrick Henry," echoed his pragmatic view of the team's financial limitations.
Financial Implications and Performance
Dallas will face a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott. This financial juggling highlights the complexities teams face in managing their cap space while trying to remain competitive. Despite these fiscal maneuvers, the Cowboys rank a dismal 30th in the NFL in rushing, with an average of just 73.7 yards per game. Their running backs have managed only 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry.
The statistics are telling. The Cowboys are minus 74 rushing yards over expectation, placing them only above the Chicago Bears and Miami Dolphins. Meanwhile, Derrick Henry has shown why he remains one of the league's elite backs. Accumulating 281 rushing yards, Henry ranks fifth in the NFL and sits at the top for rushing touchdowns with four to his name. His average of 5.0 yards per carry and 65 rushing yards over expectation further solidify his elite status.
Other Notable Moves
Elsewhere in the league, some teams have made significant strides to secure key players. The Philadelphia Eagles, for instance, made Landon Dickerson the NFL’s highest-paid offensive guard in March. These aggressive moves have set the tone for a highly competitive season ahead.
Reflecting on the financial landscape, the structuring of Henry’s contract could have been a game-changer for simplifying cap management. By crafting a two-year, $14 million contract, Henry’s cap number for 2024 could have been reduced to $2.595 million through the use of three dummy years. Such strategic financial planning demonstrates the lengths to which teams are willing to go to secure top talent while staying under the salary cap.
As the Cowboys move into the next phase of their season with a conservative approach, the key question remains: will their strategy pay off in the long run? Jerry Jones proclaimed that Dallas would be "all in" for the 2024 season. Only time will tell if their cautious acquisitions and fiscal discipline will translate to success on the field.