Pickens is in the last year of his rookie contract, and his performance has essentially demanded he be among the highest-paid receivers in the NFL.
Pickens is second in the league in receiving yards with 908, on his way to a career season. He has the most receiving yards by a Cowboy not named CeeDee Lamb since Amari Cooper totaled 1,114 yards in 2020 and, according to Next Gen Stats, Pickens leads the NFL with 12 receptions and 227 yards on tight-window targets.
The Bengals’ Ja’Marr Chase currently leads the receiver market after signing a four-year, $161 million extension this offseason, while Lamb inked a four-year, $136 million deal in 2024.
Asked this week about his future, Pickens told reporters, “I’d love to be back,” and quarterback Dak Prescott said, “I think that’d be priority in the offseason.”
As of now, no contract talks have taken place, sources say.
If Pickens is not the top receiver in free agency next offseason, then he’s at least in the conversation for that title. While the best option for Pickens would be to hit unfettered free agency, the more likely option, sources say, is the Cowboys franchise tag him at an expected price of over $28 million for one season. Dallas would then attempt to work out a long-term deal with Pickens.
Another option is to tag Pickens and try to trade him for future picks, and there is historical precedent for that. But that would be the backup option to signing him to a long-term deal in Dallas.
Further complicating things is that the Cowboys currently have the least amount of projected salary-cap space in 2026 in the league, per Over The Cap, so retaining Pickens would require some financial maneuvering. Considering that point, it’s important to note that use of the franchise tag would be more cap prohibitive than an extension.
One other factor is that David Mulugheta of Athletes First represents Pickens along with agent Trevon Smith, and Mulugheta has traditionally pushed hard against the use of the franchise tag for his clients. In addition, he’s the same agent that owner Jerry Jones claimed to not know the name of during the Micah Parsons contract negotiations this past offseason, despite Mulugheta being one of the biggest names in agent circles. Team sources say that wouldn’t be an issue this time, though the use of the tag would not be something the player or the agent would cheer.
