In a calculated maneuver through the early stages of this year's free agency, the Dallas Cowboys adopted a conservative strategy while other teams chose to make bolder moves. Rather than diving headfirst into the high-stakes bidding wars, Dallas opted for more measured adjustments to their roster.
Kendricks and the Linebacker Void
The most significant addition for the Cowboys came in the form of 32-year-old linebacker Eric Kendricks, signed to a one-year deal worth $3 million, potentially reaching $3.5 million with incentives. Kendricks was brought in to fill the gap left by the retiring Leighton Vander Esch, and his experience is expected to be an asset to the team's defensive strategies.
Running Back Moves
Addressing their needs at the running back position, the Cowboys re-signed Rico Dowdle to a one-year contract valued at $1.255 million. Additionally, Ezekiel Elliott returned to Dallas on a one-year, $2 million contract, possibly escalating to $3 million through incentives, following the conclusion of the 2024 NFL Draft in late April. However, this comes with a financial repercussion as the Cowboys face a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Elliott.
Comparing to Derrick Henry's Deal
Elsewhere in the league, Derrick Henry signed a two-year, $16 million contract with the Baltimore Ravens at the start of free agency in March. Henry’s deal is quite lucrative, including $9 million fully guaranteed and the potential to reach $20 million with incentives. His performance justifies this investment as Henry has accumulated 281 rushing yards, ranking fifth in the NFL, and tied at the top for rushing touchdowns with four. His average of 5.0 yards per carry and 65 rushing yards over expectation positions him among the league's elite backs.
Henry expressed his thoughts on not joining the Cowboys during an appearance on the "Pivot" podcast, stating, "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 added, "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is." While Henry might have entertained the prospect of wearing a Cowboys jersey, it seems it was never a viable option.
Challenges for the Cowboys
On paper, the Cowboys’ ground game seems to be struggling. They currently rank 30th in the NFL in rushing, averaging a mere 73.7 yards per game. Their running backs have managed only 170 yards and one touchdown on 49 attempts, equating to an average of 3.5 yards per carry. Moreover, the team is minus 74 rushing yards over expectation, ranking just above the Chicago Bears and Miami Dolphins.
Cowboys owner Jerry Jones addressed the situation with candid remarks. He revealed, "I like our personnel. We couldn't afford Derrick Henry." Jones stressed the financial limitations, reiterating, "We couldn't afford Derrick Henry." Despite the financial challenges, Jones has declared that Dallas is "all in" for the 2024 season, underscoring the organization's commitment and aspirations.
External Additions and Future Implications
The Philadelphia Eagles made waves by signing Landon Dickerson to a contract that made him the NFL’s highest-paid offensive guard in March. Structurally, one could argue that Dallas might have had room to accommodate a high-profile running back like Henry. By structuring a two-year, $14 million contract, Henry's cap number for 2024 could have been reduced to $2.595 million through the addition of three dummy years. This adds a layer of complexity to the Cowboys' cap management strategies and their overall team-building philosophy moving forward.
While Dallas may have adopted a prudent free agency approach, the signings made reflect a strategic focus on addressing immediate needs without compromising future financial flexibility. As the season progresses, the outcomes of these decisions will become clearer, ultimately shaping the trajectory the Cowboys will take in their pursuit of on-field success.