July 15 (UPI) -- Dallas Cowboys quarterback Dak Prescott is expected to play the 2020 season on the franchise tag as the parties have yet to agree to a long-term contract as they near Wednesday's 4 p.m. EDT deadline.
Sources told NFL Network the final offer for Prescott from the Cowboys is worth between $33 million and $35 million per season and includes more than $100 million in guarantees. The Cowboys have offered a five-year deal while Prescott wants a four-year pact. The shorter contract would give Prescott the flexibility to receive another lucrative contract one year earlier.
Prescott will receive about $31.4 million in 2020 under the terms of the franchise tag. He would hit free agency after the 2020 season if he doesn't agree to a long-term deal before Wednesday's deadline. The Cowboys could opt to place the franchise tag on Prescott again in 2021 if they don't agree to a long-term contract or let him become a free agent.
Prescott, 26, joined the Cowboys as a fourth-round pick in the 2016 NFL Draft. The Mississippi State product has made the Pro Bowl in two of his four seasons. Prescott completed 65.1 percent of his passes for a career-high 30 touchdowns and 4,902 yards last season. He also threw 11 interceptions in his 16 starts. Prescott has never missed a start in his career as the Cowboys' quarterback.
Prescott will be the highest-paid quarterback in the NFL for the 2020 season under the terms of the franchise tag. He made about $5 million from his rookie pact.
The Cowboys are scheduled to report to training camp on July 28. Dallas is scheduled to start the regular season with a game against the Los Angeles Rams at 8:20 p.m. EDT Sept. 13 at SoFi Stadium in Los Angeles.