National Football League

Don't expect Dallas Cowboys to be 'all-in' on free agency

Published Mar. 5, 2024 6:27 p.m. ET

When Jerry Jones recently announced he was "all-in" on the 2024 season, it was easy to picture him standing at his vault, welcoming in an A-list of NFL free agents. He made it sound like he'd do whatever it takes to get the Cowboys to Super Bowl LIX, no matter the hefty cost.

But that's not exactly what the Dallas Cowboys owner meant.

"Your definition of what is ‘all-in' and mine might not be the same thing," Jones said last week at the NFL scouting combine in Indianapolis. "But I'm trying to win the games this year."

So, with free agency set to open next week, what exactly did Jones mean by "all-in"? During his 45-minute session with reporters on the team bus last week, his answers were more often a word salad than a clear directive. But he seemed to indicate that it meant that any decisions they made wouldn't be about the future — they'd be done with this year in mind, especially in the draft.

What it doesn't appear to mean, though, is that they'll be big players in free agency. In fact, one prominent NFL agent said from his conversations he believes the Cowboys "will be much more active in the second wave" of free agency, once the biggest names are gone.

That's not really surprising given that they are not expected to have a lot of salary cap space when the market opens, and Jones seems much more inclined to spend money on his own players while finding bargains elsewhere. It's not a bad approach. After all, the Cowboys obviously already have a strong base of talent.

It's just not exactly what most envisioned when he said he was "all-in".

"We'll be ‘all-in' this year," Jones insisted. "It will be in any area. But it certainly doesn't have to just be in free agency."

Free agency is up first, though. So, here's a look at the Cowboys' situation and plans with the market set to open next week:

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Salary cap situation

It's not as bad as it looks, though it's not great, either. Even with the unexpectedly large increase in the cap to $255.4 million, the Cowboys are projected to be around $10 million over the cap. But there are easy ways to get under it. Even if they don't sign QB Dak Prescott to an extension, they can shave about $18 million off his $59.4 million cap number by simply converting some of his $29 million salary to a bonus.

They could also add cap space by getting extensions done with receiver CeeDee Lamb and/or linebacker Micah Parsons — though there's been no indication deals with either of them are imminent. They could also make a few cuts, like receiver Michael Gallup whose departure would clear $9.5 million.

Best-case scenario: Maybe they end up with $20-30 million in cap room to spend, though that likely still keeps them in the bottom-third of the league in cap space.

Taking care of their own (or not)

Do not expect Dallas to bring back many of its own free agents — especially the most expensive ones.

With left tackle Tyron Smith expected to be one of the best available linemen in a weak free-agent market, the 33-year-old is expected to depart. Same for Tyler Biadasz, who might be one of the five best centers on the market.

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The Cowboys could bring back running back Tony Pollard, but only if his price is low. At the combine, Jones said Pollard is "someone that I would have thought would have had more impact for us in the games we didn't play well in." That's not a ringing endorsement, but Pollard's value might not be huge in a saturated market.

Dallas wants to re-sign veteran corner Stephon Gilmore, a source said, but not at his current price (he made more than $10 million last season and will be 34 next season). The former All-Pro's return will ultimately depend on his market. Safety Jayron Kearse will almost certainly hit free agency, since the Cowboys have already signed Malik Hooker and Donovan Wilson to extensions.

Free agency needs (and names)

Here are the Cowboys' five biggest needs heading into free agency.

1. Offensive line

They could move left guard Tyler Smith out to left tackle to replace Tyron Smith, but that still leaves them with two interior holes, at guard and center. Regardless of what they do, they'll need at least two linemen, and it probably makes more sense to find one of them in the first round of the draft (the Cowboys own the No. 24 overall pick). Their options will depend on the market. They could try to find a bargain in a tackle like Jonah Williams or a guard like Jonah Jackson. But the O-line market has a way of quickly getting out of whack financially very quickly.

2. Linebacker

Jones said the Cowboys "got thin at linebacker" last season. Also, they still don't know if Leighton Vander Esch will ever play again following last season's neck injury. They have some decent young linebackers like Markquese Bell and Damone Clark. A veteran addition like Bobby Wagner would make some sense. The Cowboys considered him last offseason, but he'll turn 34 in June.

3. Defensive tackle

The Cowboys still believe in Mazi Smith and liked what they saw from Osa Odighizuwa, but they'll need more for their rotation. They could re-sign Johnathan Hankins, but if they're looking for an upgrade, Indy's 6-foot-4, 314-pound Grover Stewart could be a bargain after serving a six-game PED suspension last season.

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4. Running back

Don't get excited by seeing the likes of Saquon Barkley and Derrick Henry on the market. The most likely option for the Cowboys is still re-signing Pollard for one year and drafting someone on Day 2 to help him out. If they do dip into the market, look to the second tier where they could still find AJ Dillon, Devin Singletary or J.K. Dobbins.

5. Wide receiver

They're going to sign Lamb to an extension at some point and they seem comfortable with Brandin Cooks as their No. 2. Gallup might have earned himself a new deal — albeit for a lesser amount — with his six-catch, 103-yard performance in Dallas' playoff loss to the Packers. But if he leaves, the Cowboys are far more likely to replace him somewhere in the draft than in free agency, unless they can find a big bargain.

Ralph Vacchiano is the NFC East reporter for FOX Sports, covering the Washington Commanders, Philadelphia Eagles and New York Giants. He spent the previous six years covering the Giants and Jets for SNY TV in New York, and before that, 16 years covering the Giants and the NFL for the New York Daily News. Follow him Twitter at @RalphVacchiano.