Presumably, the Dallas Cowboys know what they’ve gotten themselves into when it comes to star receiver George Pickens and the franchise tag. We know the background, of course–Pickens came into free agency this offseason hoping to sign a long-term deal with the Cowboys, but Dallas shut that down quickly by putting the one-year, $27 million tag on him and saying there would be no further negotiations. Pickens signed the tag.
That should ensure that Pickens plays this season in Dallas before hitting free agency again next winter. If Pickens can replicate anything close to the numbers he posted in 2025 (93 catches, 1,426 yards), the Cowboys will have two pretty great seasons on which to base a new contract for Pickens.
The problem is, while the Cowboys have a Pickens bargain this year, the price is going to skyrocket in the coming months. That became clear when the Falcons extended Drake London on Tuesday, giving him four years and $141 million, more than $35 million per year. Statistically, London and Pickens are in the same neighborhood, so it can be assumed that Pickens would want something like that deal.
And the Cowboys probably will regret not having given him one earlier.
Cowboys Has Chance to Get George Pickens Bargain
If, instead of slapping the tag on Pickens first and foremost in March, the Cowboys had instead tried to work out an extension, they likely could have gotten Pickens lined up on a a lesser contract than what London just got. But now, there’s little chance that Pickens would sign for less than London.
Assuming the Saints and Chris Olave come to an extension agreement, probably right around London’s deal, and perhaps a bit higher, then the Pickens market will move up. If Pickens goes for 1,400 yards again, he will blow past Olave and London and put himself in the Jaxon Smith-Njigba range, four years and $168 million.
As one Twitter/X user wrote, “In no way shape or form should the Falcons got that deal done with Drake London before the Cowboys got their deal done with George Pickens.”
Clarence Hill of DLLS Cowboys wrote, “Drake London is not better than CeeDee Lamb or George Pickens.”
A 2-Year Plan All Along?
Indeed, London’s contract payout is bigger than that of Lamb, who signed his four-year, $136 million extension in 2024. But that just indicates how fast the market moves on wide receivers, especially with the salary cap consistently on the rise. That’s where the frustration with how the Cowboys do business kicks in–they tend to wait on extensions, and the longer they wait, the more expensive the deals become.
By the time the 2026 season is over, Pickens could be a $40 million per year player. At that point, maybe the Cowboys just trade him or let him walk in free agency–Pickens would be very unlikely to sign the franchise tag again–but their window for getting Pickens on a relatively team-friendly deal will have closed.
Maybe that has been the plan all along–keep Pickens two years, move him along thereafter, with a third-round compensatory pick coming back to Dallas (who gave up a third-rounder for Pickens). Maybe it was never the plan to pay both Pickens and Lamb at the top of the wide receiver market. But there was a chance to do it at a relatively economical price. The Cowboys passed on that, though.
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