In an off-season marked by aggressive moves across the NFL, the Dallas Cowboys chose a tempered path, sticking closely to their proven strategy of cautious maneuvering in free agency. As several teams made headline-grabbing acquisitions, the Cowboys focused on under-the-radar adjustments, aiming to patch holes rather than overhaul their roster.
Eric Kendricks: A Strategic Veteran Signing
The marquee addition for Dallas this year is 32-year-old linebacker Eric Kendricks. Signed to a one-year deal worth $3 million with incentives that could push its value to $3.5 million, Kendricks arrives with a blend of experience and reliability. The veteran linebacker is set to replace the void left by Leighton Vander Esch, who recently announced his retirement.
Running Back Room: Tactical Retentions and Adjustments
In the backfield, the Cowboys re-signed running back Rico Dowdle to a one-year contract worth approximately $1.255 million. Dowdle's return provides stability and depth to a position that has seen its ups and downs in recent years. In a more notable move, star running back Ezekiel Elliott rejoined Dallas after the 2024 NFL Draft on a one-year, $2 million contract which has the potential to rise to $3 million through various incentives.
Derrick Henry: The One That Got Away
While the Cowboys focused on retaining familiar faces, Derrick Henry chose a different path, signing a two-year, $16 million contract with the Baltimore Ravens at the onset of free agency. Henry's deal includes $9 million fully guaranteed, with incentives that could elevate the contract to $20 million. Despite initial speculation linking Henry with the Cowboys, the star running back ultimately expressed his enthusiasm for joining the Ravens. "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," Henry stated on the "Pivot" podcast.
Addressing the rumors, Henry revealed, "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is." Cowboys owner Jerry Jones confirmed this sentiment, stating, "I like our personnel. We couldn't afford Derrick Henry."
Financially, Henry’s contract could have been structured to reduce his cap number for 2024 to $2.595 million through the addition of three dummy years, but ultimately, Dallas chose to focus on more economically viable options.
Financial Considerations and Future Implications
The Cowboys face a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott. This financial constraint likely influenced their cautious approach in this year's free agency. As it stands, Dallas ranks 30th in the NFL in rushing, managing an average of just 73.7 yards per game. The team’s running backs have combined for a mere 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry.
Comparatively, Henry has flourished with his new team, amassing 281 rushing yards and ranking fifth in the NFL. His four rushing touchdowns position him at the top of the league, and his average of 5.0 yards per carry, coupled with 65 rushing yards over expectation, underscores his elite status.
Contextualizing the Offseason Moves
In the broader context of league activity, the Philadelphia Eagles made headlines by making Landon Dickerson the NFL’s highest-paid offensive guard in March. Such big-budget moves by division rivals may put additional pressure on the Cowboys, who are opting for a more conservative approach.
When asked about the team's financial flexibility, Jerry Jones reiterated, "We couldn't afford Derrick Henry." This statement, repeated thrice, underscores the upcoming financial strategy for Dallas. However, Jones has also made it clear that the Cowboys will be "all in" for the 2024 season, suggesting a potential shift in strategy as they aim for a robust comeback.
The Cowboys’ off-season thus far paints a picture of calculated restraint juxtaposed with strategic planning for the future. While they may have missed out on big names like Derrick Henry, their focus on financial health and lesser-known but crucial signings like Eric Kendricks could lay a foundation for sustained success in the seasons to come.