In a strategy that has come to define their approach to free agency, the Dallas Cowboys stayed conservative, making calculated moves even as other NFL teams made splashier signings. The most notable addition to their roster came in the form of Eric Kendricks, the seasoned 32-year-old linebacker, who inked a one-year deal valued at $3 million. With incentives, the deal could rise to $3.5 million, a prudent move to fill the void left by the retiring Leighton Vander Esch.
Addressing another pressing need, the Cowboys opted to re-sign running back Rico Dowdle. Dowdle's one-year contract, worth $1.255 million, reflects the team's preference for internal solutions over high-profile acquisitions. In a similar vein, Cowboys' veteran Ezekiel Elliott made his return to Dallas on a one-year, $2 million contract, which contains incentives that could push its value to $3 million. Elliott's re-signing after the 2024 NFL Draft was a significant moment for the team, especially considering his storied history with the franchise.
While Dallas made steady moves, Derrick Henry, one of the NFL's premier running backs, signed a lucrative two-year deal with the Baltimore Ravens early in the free agency period. Henry's contract, valued at $16 million with $9 million guaranteed, has the potential to reach $20 million through incentives. Reflecting on his options, Henry candidly remarked, "I was like, man, if I'm not in Tennessee or I don't get to go to Dallas, I'd love to be a Raven." Unfortunately for Cowboys fans, interest from the team was never reciprocated. "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is," Henry noted.
Explaining the Cowboys' position, owner Jerry Jones stated, "I like our personnel. We couldn't afford Derrick Henry." Jones reiterated this sentiment multiple times, underlining the constraints that shaped their approach to free agency. "We couldn't afford Derrick Henry," he emphasized, making clear the financial limitations the team faced.
Looking at the broader strategic picture, Jerry Jones has made it known that Dallas is going "all in" for the 2024 season. The challenge for the Cowboys, however, is evident in their current rushing statistics. The team ranks near the bottom of the NFL in rushing, averaging just 73.7 yards per game. Their running backs have collectively amassed only 170 yards and one touchdown on 49 attempts, averaging a mediocre 3.5 yards per carry. Furthermore, the Cowboys are minus 74 rushing yards over expectation, placing them just above the Chicago Bears and Miami Dolphins in this metric.
In stark contrast, Derrick Henry has thrived, accumulating 281 rushing yards and tying at the top for rushing touchdowns with four to his name. With an impressive average of 5.0 yards per carry and 65 rushing yards over expectation, Henry stands out as one of the league's elite backs. This underscores the kind of impact a player of Henry's caliber could have had on the Cowboys' struggling ground game.
The cap situation remains a pressing concern for Dallas. The team is slated to face a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott. This financial squeeze was a significant factor in their subdued approach to free agency signings and helps explain why high-value acquisitions like Henry were off the table. To put things in perspective, if structured differently, Henry's contract could have lessened the cap burden for Baltimore, potentially making him an even more attractive asset. By adding three dummy years to the deal, Henry’s cap number for 2024 could have been reduced to $2.595 million.
The Philadelphia Eagles have also been making significant moves, notably making Landon Dickerson the highest-paid offensive guard in the league this past March. This kind of spending underscores the sharp contrasts in strategies among NFC East rivals, as the Cowboys opted for a more conservative path.
As the season progresses, the efficacy of Dallas' restrained approach will be put to the test. With Jerry Jones declaring an "all in" push for 2024, the team's roster decisions this year will undoubtedly be scrutinized in the context of their long-term vision and immediate performance on the field.