In a move emblematic of their free agency strategy this year, the Dallas Cowboys opted for a conservative approach, contrasting sharply with the bolder efforts of many of their NFL counterparts.
The most notable addition to the Cowboys' roster this offseason is the signing of 32-year-old linebacker Eric Kendricks. Kendricks joins the team on a one-year deal valued at $3 million, with potential incentives increasing the contract's worth to $3.5 million. This acquisition is intended to fill the significant void left by the retiring Leighton Vander Esch.
The Cowboys also took steps to maintain depth in their running back corps. They re-signed Rico Dowdle to a one-year contract worth $1.255 million. Additionally, Ezekiel Elliott made a return to Dallas on a one-year, $2 million contract post the 2024 NFL Draft in late April. His contract, too, comes with incentives that could boost its value to $3 million.
One of the most significant moves in free agency involved running back Derrick Henry. Henry inked a two-year, $16 million contract with the Baltimore Ravens in March, a deal that includes $9 million fully guaranteed and the potential to reach $20 million with incentives. Reflecting on his options, Henry said on the "Pivot" podcast, "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." His comments suggest that a stint with the Cowboys was a genuine consideration. However, fate and finances had other plans.
Cowboys owner Jerry Jones candidly addressed the missed opportunity to acquire Henry. "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is," Henry remarked. Jones echoed the financial constraints that shaped their decision-making, stating plainly, "We couldn't afford Derrick Henry."
This conservative spending is not without consequence for the Cowboys. The team faces a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott. These financial decisions are underscored by the Cowboys' struggles in the running game. Currently, Dallas ranks 30th in the NFL in rushing, averaging a mere 73.7 yards per game. Their running backs have accumulated only 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry. Additionally, the Cowboys find themselves minus 74 rushing yards over expectation, ranking only above the Chicago Bears and Miami Dolphins in this category.
Meanwhile, Derrick Henry has continued to demonstrate his elite status in the league. He has amassed 281 rushing yards, ranking fifth in the NFL, and is tied for the top spot in rushing touchdowns with four. Henry's average of 5.0 yards per carry and 65 rushing yards over expectation further cement his position among the league's premier backs.
Financial prudence, while a hallmark of the Cowboys' strategy this season, must be weighed against on-field performance. Reflecting on the broader landscape, it's worth noting the financial maneuvers of other teams, such as the Philadelphia Eagles, who made Landon Dickerson the NFL’s highest-paid offensive guard in March. Even within the constraints of structured deals and potential dummy years, Dallas' ability to maneuver the cap space appears crucial for future success.
Jerry Jones has set high expectations for the franchise, proclaiming that Dallas would be "all in" for the 2024 season. As the season unfolds and fans look toward the potential of a more aggressive strategy in the next free agency period, the Cowboys' faithful await to see if this conservative approach will pay off in the long run or necessitates a recalibration of their roster-building philosophy.