In a characteristically cautious move, the Dallas Cowboys have adhered to their conservative strategy during the early stages of this year's NFL free agency. While other franchises were making significant splashes, the Cowboys opted for incremental improvements and financially sound decisions.
Key Acquisitions and Signings
One of the most notable additions to the Cowboys' roster is the 32-year-old linebacker Eric Kendricks. Kendricks, signed to a one-year deal valued at $3 million with potential incentives bumping it to $3.5 million, arrives to fill the void left by the retiring Leighton Vander Esch. Kendricks brings experience and depth to the Cowboys' defense, a unit that will look to solidify itself for the upcoming season.
In addressing their backfield, the Cowboys took steps to retain stability by re-signing running back Rico Dowdle to a one-year contract worth $1.255 million. More significantly, Ezekiel Elliott made his return to Dallas on a one-year, $2 million contract, a figure that could rise to $3 million through incentives. This move came after the 2024 NFL Draft in late April, showcasing Dallas's faith in Elliott's ability to contribute just as he has in previous seasons.
Missed Opportunities
Meanwhile, the Dallas Cowboys found themselves on the sidelines during the Derrick Henry sweepstakes. Henry ultimately inked a lucrative two-year, $16 million contract with the Baltimore Ravens at the onset of free agency in March. His deal boasts $9 million fully guaranteed and the potential to reach $20 million with performance incentives.
Reflecting on the missed opportunity, Henry revealed on the "Pivot" podcast, "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." He further commented on the Cowboys' lack of interest, saying, "They never reached out, you know what I'm saying?... They weren't really interested. It is what it is."
From the Cowboys' perspective, financial constraints dictated the decision. Team owner Jerry Jones acknowledged, "I like our personnel. We couldn't afford Derrick Henry." This sentiment was unequivocally echoed with a succinct repetition: "We couldn't afford Derrick Henry."
Financial Realities and Future Outlook
The financial considerations of the Dallas Cowboys extend into their 2024 season, where they face a $6.04 million cap charge due to the post-June 1 release designation of Ezekiel Elliott. Such fiscal prudence illustrates the team’s careful cap management, prioritizing long-term flexibility over impulsive acquisitions.
The decision to pass on Henry may have been influenced by the Cowboys' current rushing statistics. With an average of just 73.7 yards per game, Dallas ranks 30th in the NFL, a stark indication of their struggles on the ground. Their running backs have managed only 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry. Furthermore, the team is minus 74 rushing yards over expectation, trailing only the Chicago Bears and Miami Dolphins.
Derrick Henry's Performance and Impact
In contrast, Derrick Henry has looked every bit the elite running back Baltimore hoped for. Henry has accumulated 281 rushing yards, placing him fifth in the NFL. He is tied at the top for rushing touchdowns with four and boasts a formidable average of 5.0 yards per carry. His 65 rushing yards over expectation further cements his status as one of the league's premier backs.
League-Wide Moves
Elsewhere in the NFL, the Philadelphia Eagles made headlines by making Landon Dickerson the highest-paid offensive guard in March, showcasing the league-wide trend of significant player investments. Interestingly, by structuring Henry's two-year, $14 million contract with three dummy years, his cap number for 2024 could have been moderated to $2.595 million, a strategic maneuver illustrating the complexities of cap management.
As the Cowboys navigate these financial and strategic challenges, Jerry Jones has remained optimistic, proclaiming that Dallas would be "all in" for the 2024 season. Such a commitment underscores the team's drive to build a competitive roster while managing the intricate balancing act of NFL finances.