In a move reflective of their conservative strategy during this year's free agency, the Dallas Cowboys have opted for precision rather than fanfare while bolstering their roster. While other teams made substantial headlines, Dallas focused on shrewd budgeting and thoughtful acquisitions.
Key Additions and Retentions
The Cowboys' most significant addition is 32-year-old linebacker Eric Kendricks. His one-year deal, valued at $3 million with potential incentives raising it to $3.5 million, highlights Dallas’s cautious yet effective approach. Kendricks was brought in to fill the void left by the retiring Leighton Vander Esch, addressing a crucial gap in their defense.
At running back, Dallas re-signed Rico Dowdle to a one-year contract worth $1.255 million. Notably, Ezekiel Elliott also returned to the Cowboys on a one-year, $2 million contract that could rise to $3 million with incentives following the 2024 NFL Draft in late April. This decision, however, comes with a cap charge of $6.04 million in 2024 due to Elliott's post-June 1 release designation, highlighting the complexities Dallas faces in managing their salary cap.
Missed Opportunity with Derrick Henry
The Cowboys’ running game has struggled, ranking 30th in the NFL with an average of just 73.7 yards per game. Their running backs have managed only 170 yards and one touchdown on 49 attempts, averaging a mere 3.5 yards per carry. Perhaps most telling is Dallas’ minus 74 rushing yards over expectation, ranking them only above the Chicago Bears and Miami Dolphins.
Derrick Henry, who has accumulated 281 rushing yards (fifth in the NFL) and is tied for the most rushing touchdowns with four, was a tantalizing opportunity for the Cowboys. His average of 5.0 yards per carry and 65 rushing yards over expectation positions him among the league's elite backs. Henry ultimately signed a lucrative two-year, $16 million contract with the Baltimore Ravens, including $9 million fully guaranteed and potential incentives pushing the deal to $20 million.
Commenting on the "Pivot" podcast, Henry shared his thoughts on the potential Dallas move: "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." However, interest from the Cowboys never materialized. "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is," Henry noted.
Financial Constraints
Cowboys owner Jerry Jones openly acknowledged the financial constraints. "I like our personnel. We couldn't afford Derrick Henry," Jones said, reiterating, "We couldn't afford Derrick Henry." Despite the enticing prospect of adding Henry to their roster, the Cowboys' financial strategy necessitated a more frugal approach. By structuring Henry’s two-year, $14 million contract through the addition of three dummy years, his cap number for 2024 could have been reduced to $2.595 million. However, this financial maneuvering was not pursued by Dallas.
In the wake of these decisions, Jerry Jones has nonetheless expressed confidence in the team's future. Proclaiming that Dallas would be "all in" for the 2024 season, he indicates a potential shift toward a more aggressive strategy down the line.
Looking Forward
As the Cowboys continue to refine their roster and navigate financial constraints, their strategic conservatism will be closely monitored. While the high-profile addition of Derrick Henry was beyond their reach, the emphasis on calculated signings like Kendricks and the retention of core players such as Dowdle and Elliott demonstrate a commitment to maintaining a balanced and competitive team within their budgetary limits. How this strategy will play out on the field remains to be seen, but one thing is certain: Jerry Jones and the Cowboys are setting the stage for a pivotal 2024 season.