Dallas Cowboys' Conservative Free Agency Approach and Financial Strategy

In a move reflecting their strategy during the early stages of this year's free agency, the Dallas Cowboys adopted a conservative stance while other teams made bolder strides. Notably, the most significant addition to their roster was the signing of 32-year-old linebacker Eric Kendricks to a one-year deal valued at $3 million, with incentives potentially boosting the contract to $3.5 million. Kendricks is expected to fill the vacancy left by the retiring Leighton Vander Esch.

Addressing their need at running back, the Cowboys re-signed Rico Dowdle to a one-year contract worth $1.255 million. Adding to their backfield, Ezekiel Elliott returned to Dallas on a one-year, $2 million contract, which could rise to $3 million with incentives, following the 2024 NFL Draft in late April. However, the Cowboys' running game remains a significant concern, demonstrated by their rank of 30th in the NFL, averaging a mere 73.7 yards per game. Their running backs have only managed 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry.

In contrast, Derrick Henry, who signed a two-year, $16 million contract with the Baltimore Ravens at the start of free agency in March, has been making waves. Henry’s deal includes $9 million fully guaranteed and the potential to reach $20 million with incentives. He has already accumulated 281 rushing yards, ranking fifth in the NFL, and is tied for the top in rushing touchdowns with four. With an average of 5.0 yards per carry and 65 rushing yards over expectation, Henry is positioned among the elite backs in the league.

The Cowboys' decision not to pursue Henry was partly economic, as evidenced by Jerry Jones's remarks. "We couldn't afford Derrick Henry," Jones clearly stated, further explaining the team's financial constraints. Elaborating further on his decision, Jones asserted, "I like our personnel. We couldn't afford Derrick Henry." While it's evident that the Cowboys had financial limitations, it is apparent that Jones remains optimistic, proclaiming that Dallas would be "all in" for the 2024 season.

The sentiment was echoed by Henry when he reflected on the opportunities that were available to him. On the "Pivot" podcast, Henry shared, "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 noted that the Cowboys did not reach out, saying, "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is."

The financial landscape of the NFL often dictates team decisions. The Cowboys face a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott. In an era where financial prudence can alter the trajectory of franchises, the Eagles set a notable precedent. They made Landon Dickerson the NFL’s highest-paid offensive guard in March, showcasing a different approach to cap management. The structuring of Henry’s contract, a two-year, $14 million deal, could have potentially reduced his cap number for 2024 to $2.595 million through the addition of three dummy years. This strategic financial maneuvering illustrates the varied approaches NFL teams take to remain competitive.

As the season progresses, the Cowboys' conservative strategy and commitment to financial discipline will be put to the test. With a struggling running game and the weight of unmet expectations, the path forward for Dallas remains uncertain. Whether their prudent financial strategy pays off in terms of on-field performance will be scrutinized closely by fans and analysts alike. For now, the Cowboys remain a team in the midst of recalibration, with their eyes firmly set on future success.