Jerry Jones Has a $31.5 Million Option to Retain George Pickens Again as Cowboys Shut Down Contract Talks

Dallas Cowboys fans can now firmly hope for some fireworks from wide receiver George Pickens, since he has signed the franchise tag. His decision had the team waiting for over a month to hear from him. But every time fans think of another good season from the WR, they will be reminded that the $27.3 million tag will only be keeping him for this year. What comes next is still left to be seen.

If Pickens is as good as he was last season, he could easily command a contract worth $35-40 million annually next year. But would Cowboys owner Jerry Jones want to commit to that kind of deal? According to Blogging The Boys’ Brian Martin, Dallas might be looking at a cheaper backup plan.

“If the Cowboys are still wary about signing Pickens to a long-term contract in the ballpark of $35-40 million a year, using the franchise tag on him in back-to-back seasons is a logical option, and maybe a cheaper one,” Martin wrote on May 10. “According to overthecap.com, the projected WR franchise tag in 2027 is $31.5 million. That’s a significant bump in the $27.3 million Pickens will earn under the tag this year, but still less than he could make annually on a long-term deal. Dallas has the leverage here unless Pickens decides not to sign the tag and sit out the 2027 season.”

A lot of this is incumbent on how Pickens performs this year. He came to Dallas after having recorded a disappointing 59.4% catch rate he posted in Pittsburgh. Nobody had any idea that the same George Pickens would be third in the league in receiving yards in the 2025 season. He went from being a question mark to one of the best offseason moves Dallas made in recent times. But that rise in potential allows him to ask for a better price.

CHARLOTTE, NC – OCTOBER 12: Dallas Cowboys wide receiver George Pickens 3 during an NFL, American Football Herren, USA football game between the Carolina Panthers and the Dallas Cowboys on October 12, 2025 at Bank of America Stadium in Charlotte, N.C. Photo by John Byrum/Icon Sportswire NFL: OCT 12 Cowboys at Panthers EDITORIAL USE ONLY Icon251012106

Seattle Seahawks’ Jaxon Smith-Njigba is the highest-paid receiver in the league. He will earn $36.5 million this year. If that is the best rate, Pickens might want a figure close to this range if he maintains this consistency or outperforms it. But a contract would also mean bumping up the salaries of fellow WRs in the room, particularly CeeDee Lamb. The Cowboys already have him on a $136 million contract. This is where the franchise tag would help Jones out, while also retaining a great talent.

Pickens can even develop into the Cowboys’ No. 1 receiver, and that’s exactly why Dallas has no interest in moving on from him right now.

“There’s zero interest in a trade for George Pickens. Zero interest,” Cowboys executive VP Stephen Jones said during an interview on Mad Dog Radio last week.

On the flip side, another franchise tag allows Dallas to let him walk if his caliber drops. After all, he is yet to convince the masses he can deliver consistently, having thrown for under 1,000 yards twice in his career. With Pickens out, the Cowboys can also collect a compensatory draft pick.

But will that be a risk that Dallas really wants to take? At best, they’d likely receive a third-round pick, and even that depends on how free agency unfolds and whether Pickens signs a massive deal elsewhere. That’s why Martin’s suggestion makes sense. 

Moreover, the Cowboys have also pulled this move many times in the past.

Cowboys won’t negotiate an extension with George Pickens before the deadline

In March, the Cowboys showed little urgency to negotiate a long-term extension after placing the franchise tag on George Pickens. Jones did say that they planned to keep the WR for the long haul, but did not explicitly mention a contract. But in April, the Cowboys officially confirmed that they shut down talks with Pickens before the July 15 deadline for franchise-tagged players.

“There won’t be negotiations on a long-term deal,” Stephen Jones said during the Cowboys’ pre-draft press conference. “But that’s certainly not a first for this organization and certainly won’t be a first for the league in terms of this decision as we move forward.”

The Cowboys have followed this blueprint before. During the last decade, Dak Prescott, tight end Dalton Schultz, defensive end DeMarcus Lawrence, and running back Tony Pollard all played under the franchise tag in Dallas. Schultz and Pollard eventually left in free agency, but Dallas signed Prescott and Lawrence to long-term deals after tagging them a second time. Prescott’s $60 million-per-year extension remains the highest annual salary in NFL history since he signed it before the 2024 season opener.

Any team would hesitate to leave a player as talented as George Pickens on franchise tag. But the Cowboys clearly want more proof before handing him elite money. So, Pickens has the opportunity next season to prove that he deserves an extension deal in Dallas.

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