The Cowboys were initially able to negotiate a contract extension with Micah Parsons last offseason, which would have been the ideal time to get the deal done. At that point, the pass rusher market was much calmer than it has become in recent days. San Francisco’s Nick Bosa was the leader, with an AAV of $34M, but now that figure has been surpassed twice in just a few days.

The Cowboys, however, were focused on securing deals for CeeDee Lamb and Dak Prescott late last offseason. They could have made an effort to get all three deals done, and perhaps they did, but waiting on these two contracts cost them, and waiting in this case may have done the same.

Parsons has mentioned several times recently that he would be willing to take less from the Cowboys if it would help the team reach another goal. He specifically said he would take less if Dallas could acquire Myles Garrett (this was during Garrett’s trade request, which ultimately led to his deal), but that is no longer a possibility.

Back in December, Parsons said he didn’t need $40M per year. These comments may have been genuine, but his representatives might push for the maximum. While $40M per year for a pass rusher or non-quarterback was a hypothetical when Parsons mentioned it, it is now the market rate.

The most likely scenario in today’s market is that Parsons will exceed Garrett’s deal, probably by a significant margin. Since he is about to enter the final year of his rookie contract, a franchise tag in 2026 or beyond is possible, but it’s expected to happen before the season starts.

Will it happen soon? Will it come during the summer? Could we see another situation like Lamb or Prescott? Time will tell. The Cowboys recently cleared about $55M in cap space, which could be for this or something else entirely.