When the Cowboys traded for wide receiver George Pickens last May, the best-case scenario was that they'd face a complicated contract situation a year later -- because that would mean they wanted to keep him past the 2025 season.
Ten games in, that's where they are.
A trade that's been a win for all parties took center stage on Monday night, as Pickens put on a show with 144 yards and a touchdown against the Raiders.
Just over halfway through his first season in Dallas, as the 4-5-1 Cowboys gear up to play the Eagles on Sunday, this much is clear: Dallas wants to retain Pickens for 2026 and beyond, sources say. How that happens, however, could take on a few forms.
Pickens is in the last year of his rookie contract, and his performance has essentially demanded he be among the highest-paid receivers in the NFL.
Pickens is second in the league in receiving yards with 908, on his way to a career season. He has the most receiving yards by a Cowboy not named CeeDee Lamb since Amari Cooper totaled 1,114 yards in 2020 and, according to Next Gen Stats, Pickens leads the NFL with 12 receptions and 227 yards on tight-window targets.
The Bengals' Ja'Marr Chase currently leads the receiver market after signing a four-year, $161 million extension this offseason, while Lamb inked a four-year, $136 million deal in 2024.
Asked this week about his future, Pickens told reporters, “I'd love to be back,” and quarterback Dak Prescott said, "I think that'd be priority in the offseason."
As of now, no contract talks have taken place, sources say.
If Pickens is not the top receiver in free agency next offseason, then he's at least in the conversation for that title. While the best option for Pickens would be to hit unfettered free agency, the more likely option, sources say, is the Cowboys franchise tag him at an expected price of over $28 million for one season. Dallas would then attempt to work out a long-term deal with Pickens.
Another option is to tag Pickens and try to trade him for future picks, and there is historical precedent for that. But that would be the backup option to signing him to a long-term deal in Dallas.
Further complicating things is that the Cowboys currently have the least amount of projected salary-cap space in 2026 in the league, per Over The Cap, so retaining Pickens would require some financial maneuvering. Considering that point, it's important to note that use of the franchise tag would be more cap prohibitive than an extension.
One other factor is that David Mulugheta of Athletes First represents Pickens along with agent Trevon Smith, and Mulugheta has traditionally pushed hard against the use of the franchise tag for his clients. In addition, he's the same agent that owner Jerry Jones claimed to not know the name of during the Micah Parsons contract negotiations this past offseason, despite Mulugheta being one of the biggest names in agent circles. Team sources say that wouldn't be an issue this time, though the use of the tag would not be something the player or the agent would cheer.
"I can't really see in the future," Pickens said regarding a potential tag, "so I'll have to wait until it gets here."
Lamb told reporters this past week that he believes Pickens has found a home in Dallas.
"He understood that we weren't trying to change him," Lamb said. "We wanted him to come over here and do that, and that he's doing. He's actually exceeded that."
But a tag isn't even a given. The Cowboys have the NFL's best kicker, Brandon Aubrey, who is also in a contract year. Teams are only permitted to use one tag each offseason, and franchise tagging Aubrey is another option -- but that would clear Pickens to hit free agency.
Dallas has dipped its toes into contract talks with Aubrey, sources say, but those talks have not come to fruition and will be handled in the offseason. Dallas could also use a restricted free agent tender on Aubrey, with the second-round tender expected to be worth more than $5.6 million for one year. A team trying to pry him away from Dallas would then have to give up a second-round selection to do so.
Would a team give up a second-rounder for a top kicker? (Dallas could also use a first-round RFA tender on Aubrey for nearly $8 million and eliminate all questions about him going to another team.)
With only one tag and two big-time free agents, there will be "a few moving parts," as one source said.
But these are good problems to have in Dallas.
