FRISCO — An NFL roster can be like a stock market. Some assets gain value over time, while others fall.

Teams, like stock owners, have to constantly decide when to buy, when to retain, and ultimately when to sell — or cut, in this case.

Every year, training camp is the biggest catalyst for stock movement, which makes the following exercise incredibly difficult to accurately predict. Especially with training camp still almost a week away. Let’s give it a shot anyways, shall we?

Here’s a look at the first 53-man roster projection for The Dallas Morning News in 2025.

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Quarterbacks (2)

Players: Dak Prescott, Joe Milton III

The first surprise in this projection comes early. The Cowboys have a couple of interesting positions that could require more space on the roster than before. Subsequently, that means less roster devotion at other positions. If the Cowboys are going to do it at quarterback, that means that Joe Milton III is going to earn a lot of trust from Brian Schottenheimer and Co. very quickly. He has the talent to do so, however.

Related:Who is Joe Milton? 10 things to know about the newest Dallas Cowboys quarterback

Milton, as Schottenheimer indicated, is a developmental quarterback. There’s a lot to develop there, though. He has a cannon for an arm. He can backflip. During minicamp and organized team activities, he seemed to improve with each passing day. Could that be enough for the Cowboys to cut Will Grier? Doing so could be a gamble. The Cowboys did it a couple years ago, allowing Grier to sign with Cincinnati.

Running backs (4)

Players: Javonte Williams, Miles Sanders, Jaydon Blue, Hunter Luepke

The Cowboys, contrary to the year before, moved quickly to sign Javonte Williams on the first day of free agency. He seemingly was a priority. The Cowboys then doubled down in free agency with veteran Miles Sanders. The duo, alongside fullback Hunter Luepke, were the only running backs that worked with the starters in minicamp and OTAs. Could that signal a hierarchy that will be difficult for rookies Jaydon Blue and Phil Mafah to change? Mafah and Deuce Vaughn could be potential practice squad additions if they don’t make the original roster.

Wide receivers (6)

Players: CeeDee Lamb, George Pickens, Jalen Tolbert, Jonathan Mingo, KaVontae Turpin, Jalen Brooks

The top five receivers feel like an early lock for the Cowboys. The one question is Mingo, though the investment the Cowboys made last season does indicate an asset worth seeing through. So, who gets the sixth spot (if they have one)? Ryan Flournoy, Jalen Brooks and Parris Campbell feel like the likely candidates. Jalen Cropper impressed in back to back training camps. Could the third time be the charm for him to make the team?

Tight ends (3)

Players: Jake Ferguson, Brevyn Spann-Ford, Luke Schoonmaker

The biggest question about the tight end room currently is whether Spann-Ford can unseat Schoonmaker as the team’s TE2. The Cowboys like what Spann-Ford brings from a physical and blocking standpoint. They also believe, at 6-foot-7, he has the chance to develop into a redzone threat. Schoonmaker, a former second round pick, will be looking to bounce back after two seasons that left fans wanting more.

Offensive line (9)

Players: Tyler Guyton, Tyler Smith, Cooper Beebe, Tyler Booker, Terence Steele, Asim Richards, Brock Hoffman, T.J. Bass, Nathan Thomas

Duke Manyweather, an offensive line guru, said last week that he believes this is the deepest and most talented Cowboys offensive line he’s seen in some time. The first part of that claim certainly feels accurate. The Cowboys have trust in Hoffman and Bass to step in if needed. They like the potential in Richards, who has guard and tackle versatility. Thomas wasn’t seen from much last season due to injuries but he could replace Matt Waletzko as the team’s final lineman.

Defensive Line (9)

Players: Osa Odighizuwa, Solomon Thomas, Mazi Smith, Sam Williams, Marshawn Kneeland, Dante Fowler, Donovan Ezeiruaku, Payton Turner, Jay Toia

There’s not a ton of perceived malleability in this group as of now. There’s a combo of veterans and draft picks that the Cowboys have invested in. One name to watch is Perrion Winfrey, whom the Cowboys signed from the UFL after this past season. The Cowboys have had success with former spring league players. Could Winfrey be the next?

Linebackers (6)

Players: Micah Parsons, Jack Sanborn, Kenneth Murray Jr., Marist Liufau, Buddy Johnson, Shemar James

DeMarvion Overshown is targeting Thanksgiving for a potential return date. He’ll likely start on injured reserve or PUP to start the season, opening a roster spot temporarily for another linebacker. Damone Clark has held down one of those spots for a while, but he’s set to be a free agent after this coming season. We didn’t see rookie Shemar James during minicamp and OTAs much due to an injury. Buddy Johnson is well liked among players and coaches and could be counted on in a special teams role.

Cornerbacks (6)

Players: DaRon Bland, Kaiir Elam, Shavon Revel Jr., Caelen Carson, Isreal Mukuamu, C.J. Goodwin (Trevon Diggs, Josh Butler)

Corner is tricky to project for multiple reasons. First off, the group is far from healthy. Trevon Diggs is still recovering from off-season surgery, and the Cowboys haven’t been willing to commit to a timetable for him. The same goes for Josh Butler, who played well last season in a short stint before a torn ACL, and rookie third round pick Shavon Revel Jr., who should have a chance to be ready for the season opener. Caelen Carson is expected to ready for training camp. The yearly x-factor here is C.J. Goodwin, a special teams ace and a valued leader in the locker room. Only Dak Prescott has been with the team longer. With some questions on the roster, can the Cowboys afford to keep Goodwin, 35, again?

Safeties (5)

Players: Malik Hooker, Donovan Wilson, Juanyeh Thomas, Markquese Bell, Alijah Clark

Donovan Wilson has been a popular external candidate to potentially be cut — seemingly for the last two seasons. The Cowboys could save $7 million this season and accrue just over $3 million in dead money over this year and next if they moved on from him. The problem with that external theory is that the Cowboys haven’t found players that make it worth moving on from Wilson. At least not in their mind.

Juanyeh Thomas played for Wilson in minicamp while Wilson recovered. Hooker also spent some time injured during minicamp, allowing rookie Alijah Clark to take snaps with the starters. Usually the Cowboys keep at least one undrafted free agent. Often it’s the one they invested the most in. This year it’s Clark. Will he do enough in camp to warrant a roster spot?

Specialists (3)

Players: Brandon Aubrey, Bryan Anger, Trent Sieg

The Cowboys have a new special teams coordinator in Nick Sorensen, but there shouldn’t be much to change with this trio back in the fold. I feel safe about this projection sticking.

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