In a free agency period marked by calculated conservatism, the Dallas Cowboys have opted for smaller yet strategic moves while other NFL teams sought splashier additions. One of the key signings for the Cowboys this offseason has been the acquisition of veteran linebacker Eric Kendricks. At 32, Kendricks joins Dallas on a one-year deal worth $3 million, with incentives that could raise the total value to $3.5 million. Kendricks arrives to fill the void left by the retiring Leighton Vander Esch, hoping to bring a wealth of experience and stability to the linebacker corps.
Another critical addressal came in the form of bolstering their running back depth. The Cowboys re-signed Rico Dowdle to a one-year contract worth $1.255 million. Additionally, Ezekiel Elliott returned to the team on a one-year deal valued at $2 million, a figure that could escalate to $3 million with incentives. Elliott’s return came post the 2024 NFL Draft in late April, giving the Cowboys a familiar face in their backfield rotation.
These modest moves stand in sharp contrast to the blockbuster deal involving Derrick Henry. The star running back inked a two-year, $16 million contract with the Baltimore Ravens as free agency kicked off in March. Henry’s contract includes $9 million fully guaranteed and can potentially reach $20 million through various incentives. Reflecting on his relocation, Henry remarked 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." However, talks with Dallas never materialized. "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is," Henry noted.
Cowboys owner Jerry Jones echoed the sentiment of financial constraint, emphasizing, "We couldn't afford Derrick Henry." Underlining the team’s financial strategy, Jones added, "I like our personnel. We couldn't afford Derrick Henry." This conservative approach forms part of a larger strategy seemingly aimed at maintaining cap flexibility. Henry's cap number for 2024 could have been reduced to $2.595 million with the structuring of a two-year, $14 million contract incorporated with three additional 'dummy' years.
The Cowboys will nonetheless bear a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Elliott. This impending cap hit adds another layer of complexity to their financial maneuverings as they tread carefully through the logistics of cap space management. Currently, the Cowboys rank an unimpressive 30th in the NFL in rushing, averaging just 73.7 yards per game. With only 170 rushing yards and a solitary touchdown on 49 attempts, their running backs average a meager 3.5 yards per carry.
The team also ranks third-worst in the league with minus 74 rushing yards over expectation, faring better only than the Chicago Bears and Miami Dolphins. Meanwhile, Derrick Henry's performance with Baltimore paints a stark contrast. He has accumulated 281 rushing yards, ranking fifth in the NFL, and boasts an average of 5.0 yards per carry. Henry is tied for the top spot in rushing touchdowns, with four to his name, alongside having 65 rushing yards over expectation — metrics that position him among the league’s elite backs.
While Dallas regroups and readjusts its strategy, a noteworthy highlight elsewhere in the league has been the Philadelphia Eagles' decision to make Landon Dickerson the highest-paid offensive guard in the NFL in March. Moves such as these reflect just how various franchises approach roster building differently, balancing immediate needs against future potentials with varying degrees of fiscal conservatism and ambition.
Jerry Jones’s declaration that Dallas will be "all in" for the 2024 season offers a glimmer of what Cowboy fans can anticipate. The strategy of selective reinforcements punctuated by a controlled financial blueprint underscores the franchise's bid to cultivate a competitive edge while managing long-term sustainability.
In an ever-competitive NFL landscape, the Cowboys' conservative yet calculated free agency moves could either yield unexpected dividends or prompt calls for more aggressive maneuvers as they chart their course for the upcoming season.