Dallas Cowboys quarterback Dak Prescott signed his exclusive franchise tender Monday, the team confirms.
The one-year deal will pay Prescott $31.4 million in 2020.
News that Prescott planned to sign the deal was confirmed Sunday by Calvin Watkins of NBC 5's media partner The Dallas Morning News and first reported by Adam Schefter of ESPN.
According to The Dallas Morning News, the franchise tag means Prescott will be obligated to report to training camp on time, whether he and the Cowboys have agreed to a contract extension or not.
The sides have until July 15 to come to terms on a long-term extension, according to NBC Sports' Pro Football Talk. If they can't reach an agreement, Prescott will make $31.4 million in 2020, after which he will either become a free agent, sign an extension with the Cowboys next summer, or be placed under the franchise tag a second time. If the third option happens, Prescott would make $37.7 million in 2021.
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Prescott has started all 67 regular season and postseason games the Cowboys have played in his four years in the NFL, going 40-24 and twice reaching the playoffs. He burst onto the scene as a rookie in 2016, leading the team to a 13-3 mark.
The Mississippi State product set career highs in 2019 with 4,902 passing yards and 30 touchdown passes.
Prescott, a two-time Pro Bowler, has made less than $5 million in his career, according to Pro Football Talk.
Dallas signed former Cincinnati Bengals quarterback and TCU star Andy Dalton to a one-year $3 million contract on May 4.