In a strategic move that speaks volumes about their approach in the early stages of this year's free agency, the Dallas Cowboys adopted a conservative stance while other NFL teams made more audacious plays. The Cowboys' roster underwent some notable changes, albeit with a more reserved hand from the front office.
Strategic Additions and Re-signings
The most significant addition to the Cowboys' lineup was the acquisition of 32-year-old linebacker Eric Kendricks. Kendricks, signed on a one-year deal valued at $3 million, could see his contract's value rise to $3.5 million with potential incentives. This move was essential for Dallas, given the retirement of Leighton Vander Esch, a stalwart on their defense. Kendricks' experience and skill set make him a fitting replacement as Dallas aims to maintain a solid defensive front.
In addressing their running back needs, the Cowboys re-signed Rico Dowdle to a one-year contract worth $1.255 million. Dowdle's return provides some continuity in the backfield, a necessary step given Dallas' struggles in the running game.
Most notably, Ezekiel Elliott returned to Dallas on a one-year, $2 million contract, with incentives potentially pushing the value to $3 million. Elliott's return came after the 2024 NFL Draft, highlighting the team's preference to explore draft options before committing to veterans.
Missed Opportunities
While the Cowboys were cautious, other teams seized the opportunity for high-profile signings. Derrick Henry's two-year, $16 million contract with the Baltimore Ravens was a standout deal in the early days of free agency. Henry's deal, with $9 million fully guaranteed and potential incentives boosting the value to $20 million, reflects the market's willingness to invest in proven talent. Despite Henry's expressed interest in joining the Cowboys, saying, "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," it was not meant to be. "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is," Henry remarked candidly on the "Pivot" podcast.
Cowboys owner Jerry Jones acknowledged the financial limitations, stating bluntly, "We couldn't afford Derrick Henry." This sentiment underscores the balancing act the Cowboys are attempting—fortifying the team within the constraints of their salary cap while remaining competitive.
Financial Implications and Rushing Woes
The Cowboys' financial prudence is further illustrated by the $6.04 million cap charge they face in 2024 due to the post-June 1 release designation of Ezekiel Elliott. Every move is meticulously calculated to manage the cap space effectively.
On the field, the Cowboys' running game has been lackluster, ranking 30th in the NFL with an average of just 73.7 yards per game. Their running backs have amassed only 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry. With a minus 74 rushing yards over expectation, Dallas finds itself merely ahead of the struggling Chicago Bears and Miami Dolphins in this metric.
Henry's Performance and League Standing
Contrastingly, Derrick Henry has shown why he remains one of the NFL's elite running backs. Accumulating 281 rushing yards, Henry is ranked fifth in the NFL and is tied for the top spot in rushing touchdowns with four. His impressive average of 5.0 yards per carry and 65 rushing yards over expectation positions him firmly among the league's top performers.
As teams like the Philadelphia Eagles make significant financial commitments—such as making Landon Dickerson the NFL’s highest-paid offensive guard—the Cowboys' conservative approach stands out. Even with options like potentially restructuring Henry’s contract to reduce his 2024 cap number to $2.595 million by adding three dummy years, Dallas opted for fiscal restraint.
Jerry Jones has proclaimed that the Cowboys will be "all in" for the 2024 season. Whether this approach pays dividends remains to be seen, but for now, the Cowboys' methodical strategy underscores a long-term vision prioritizing financial health and calculated risk-taking over immediate splash signings.