George Pickens is set to receive the franchise tag from the Dallas Cowboys, per ESPN’s Todd Archer.
With the franchise tag number for wide receivers estimated to be around $28 million, the Cowboys are now set to be $57 million over the projected salary cap going into the start of free agency on March 11.
Assuming a salary cap around $303 million, the Cowboys are set to have around $360 million in commitments for their top 51 players under contract in 2026.
The Minnesota Vikings and New Orleans Saints are the only other teams currently projected to be at least $40 million over the cap.
There are some easy solutions for the Cowboys to get cap-compliant in order to make moves in free agency. Restructuring the contracts for Dak Prescott and CeeDee Lamb would create almost $50 million in cap savings.
The Cowboys already started releasing veteran players who may no longer fit their new defensive scheme with Christian Parker taking over as defensive coordinator. Logan Wilson was waived last week to save $6.5 million.
Kenny Clark, who was acquired from the Green Bay Packers as part of the Micah Parsons trade, has been speculated as a potential cut candidate. The Cowboys would save $21.5 million against the cap if they were to release him.
Dallas’ midseason trade with the New York Jets for Quinnen Williams could make Clark more expendable.
Other potential cut candidates with no guaranteed money remaining on their deals include Malik Hooker and Terence Steele. Those two combined would save the team $15.8 million if they were to be released.
Another possibility is that the Cowboys sign Pickens to a long-term extension and lower his cap hit for the 2026 season.
There is a big risk in committing significant long-term money in the quarterback and two wide receivers because it limits your ability to spend elsewhere, with the Cincinnati Bengals being the prime example.
It’s also possible the Cowboys don’t really make many major roster cuts because free agency isn’t an avenue they’ve shown much interest in. They haven’t given out a free-agent contract worth more than $8 million in total value since 2022 when Dorance Armstrong ($12 million), Jayron Kearse ($10 million) and Bryan Anger ($9 million) all signed new deals to remain in Dallas.
Pickens is operating from a position of leverage if the Cowboys want to engage in long-term contract talks. The 24-year-old led the team in receptions (93), receiving yards (1,429) and receiving touchdowns (nine) last season.