FRISCO — The conversation this offseason about potentially signing running back Javonte Williams started, as most free agency decisions do, about value. Free agency can be a stock market. Teams — if they want to play the market successfully — need to know when to buy low, and went to sell.

In Williams, the Cowboys saw a tough talent at the running back position. Based on conversations they had, they also believed Williams was a true professional, and an intelligent one, at that. Perhaps most interestingly, they also saw a player whose value had dipped thanks to a season-ending ACL tear he suffered in 2022 and two years of limited production after.

“I think there were a lot of people who were kicking the tires on Javonte going, ‘Well, he’s coming back from the injury, we’re not really sure,’” Cowboys offensive coordinator Klayton Adams said earlier this season. ”I think our personnel department and [head coach Brian Schottenheimer] saw that this is an opportunity, because we think this guy is really good and he’s maybe not commanding as high of a price as he would have last year without the injuries.”

They bought low, to great success. As the season heads toward its end, a new question has emerged: Will they buy high, too?

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Williams, 25, is having the best season of his career. He’s rushed for a career high 1,113 yards. He’s averaging 4.8 yards per carry. He’s been so good, that his 12 touchdowns have already passed one incentive threshold, earning him $250,000, and he’s already on the precipice of passing the other, too. He needs just nine yards from scrimmage to pass the 1,250 mark, bringing his incentive bonus to a total of $500,000.

All in all, $3.5 million for what Williams has accomplished this season is money well spent.

The contract Williams might get this off-season will be money well-earned, too. Williams has an estimated market value of $7.2 million per year, according to Spotrac. That would be more than double what he earned this past season.

If you ask Schottenheimer, it might be money well spent.

“He’s a guy that truly gets it, man,” Schottenheimer, the self-described President of the Javonte Williams Fan Club, said on Wednesday. “He understands to be a great player you have to come to meetings ready to roll, be dialed in, ask questions, take great notes, go to walkthroughs. If something is messed up, ‘Hey. I need that again. Clear that up in my brain,’ go to practice and do things the right way. For a young player — I refer to him as young because he is young — I think that’s where you see the work ethic, you see the maturity, you see the intelligence, and then the talent.

“I hope he’s a Cowboy for a long time.”

Cowboys quarterback Dak Prescott has voiced the same interest in bringing Williams back.

“How crucial he’s been to this offense, how great of a dude he is, how great of a teammate he is, you know, a quiet guy, but when he speaks it’s definitely heard,” Prescott said earlier this season about Williams. “Anything he does is felt. Yeah, he’s an important piece to what we’re doing right now.”

There’s no debate: Williams has been a valuable piece for the Cowboys. When discussing the future, the Cowboys will have to ask themselves whether that value can be replicated — either in part or fully — at a more affordable level. It’s a factor to consider with assets already devoted to a highly paid defensive line, and more funds allocated to have, potentially, the highest-paid receiver tandem in the NFL with CeeDee Lamb and George Pickens.

The draft is one way to do it. Dallas drafted two running backs in April in Texas speedster Jaydon Blue and Clemson bruiser Phil Mafah. Blue has been inactive for most of the season, while Mafah just practiced for the first time on Wednesday after being on injured reserve for the entire season.

This year’s draft will have plenty of options, too. The Notre Dame tandem of Heisman finalist Jeremiah Love and Jadarian Price are two options to watch, though both would likely require high draft capital, which also means a relatively high price for running backs. The Cowboys have two first-round picks, but a lot of needs to address. Adding talented youth to a defense that’s on pace to set a franchise record for points allowed might take precedent.

The Cowboys also could try and target another diamond in the rough like they did with Williams in free agency. They could try and buy low for the second-straight season at running back.

Williams’ market value will certainly be a conversation after this season, just as it was when they brought him here.

Twitter/X: @JoeJHoyt

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