In a strategic move aligned with their cautious methodology during this year's free agency, the Dallas Cowboys have played it conservatively while other teams made significant splashes. Their most prominent acquisition was the signing of 32-year-old linebacker Eric Kendricks to a one-year deal worth $3 million, potentially escalating to $3.5 million with incentives. Kendricks' signing aims to patch the gap left by the retiring Leighton Vander Esch.
The Cowboys also addressed their need in the running back department by re-signing Rico Dowdle to a one-year contract valued at $1.255 million. Additionally, Ezekiel Elliott made his return to Dallas on a one-year, $2 million deal, which has the potential to reach $3 million through incentives, after the 2024 NFL Draft in late April.
Missed Opportunities
The cautious approach, however, came at the expense of missing out on Derrick Henry, who ended up signing a lucrative two-year, $16 million contract with the Baltimore Ravens at the start of free agency in March. Henry's deal includes $9 million fully guaranteed and can potentially rise to $20 million with performance incentives.
Commenting on the "Pivot" podcast, Henry admitted, "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." He added, "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is."
Cowboys owner Jerry Jones confirmed the financial constraints, stating, "I like our personnel. We couldn't afford Derrick Henry." This sentiment reflects the organization's decision to avoid hefty expenditure in a market that witnessed substantial contracts being handed out.
Financial Implications
Adding another layer to their financial considerations, the Cowboys face a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott. This cap hit undoubtedly influenced their more conservative spending this offseason.
Despite having multiple options, the Cowboys decided not to restructure their offers aggressively enough to sign a top-tier running back. According to Jones, "We couldn't afford Derrick Henry." This statement encapsulates the balance Dallas sought to strike between bolstering their roster and maintaining financial prudence.
Performance Metrics
The Cowboys' reticence in the free agency market puts into focus their current performance struggles. Dallas ranks 30th in the NFL in rushing, averaging just 73.7 yards per game. Their running backs have collectively managed only 170 yards and one touchdown on 49 attempts, averaging a mere 3.5 yards per carry. Further emphasizing their woes, the Cowboys are minus 74 rushing yards over expectation, ranking just above the Chicago Bears and Miami Dolphins.
In contrast, Derrick Henry's performance has been nothing short of stellar, establishing himself as one of the league's elite backs. Ranking fifth in the NFL, Henry has accumulated 281 rushing yards. He is tied at the top for rushing touchdowns, with four to his name. His average of 5.0 yards per carry and 65 rushing yards over expectations accentuate his value, which Dallas might have missed out on.
Remaining Optimistic
Despite these challenges, Jerry Jones remains optimistic about the Cowboys' future, proclaiming that Dallas would be "all in" for the 2024 season. The statement underscores a continued belief in their current roster and the potential for strategic adjustments moving forward.
Time will tell if the Cowboys' conservative free agency strategy pays off on the gridiron or if their reticence will be a point of criticism in hindsight. As it stands, the team and its fans will have to wait and watch how this well-measured approach pans out in the upcoming NFL season.