Cowboys restructure Ezekiel Elliott’s contract to create cap space

The Cowboys converted $8.6M of RB Ezekiel Elliott’s $9.6M base salary into a signing bonus, ESPN’s Field Yates reported Friday morning.

The restructure adds $6.88 million in cap space for the Cowboys to use for the 2021 season. The amount totals $12 million. Elliott’s cap number went from $13.7 million to $6.82 million. 

Teams are required to cut their rosters to 53 players by Aug. 31, so the move gives Dallas additional flexibility in the coming days. The date is four days earlier than in previous years due to the move from four preseason games to three. 

The change impacts Elliott’s cap hit for next year as well, according to overthecap.com’s Jason FItzgerald.

“Elliott’s 2022 cap number will now increase by $1.72 million to $18.22 million next year,” Fitzgerald said. “His dead money increased by $6.88 million but because his salary for 2022 is already guaranteed that was of no concern for Dallas in making this decision. Elliott will now cost $11.86 million to release in 2023 which is the year the salary cap is expected to return to more normal levels.”

Elliott signed his current six-year, $90 million contract in September 2019. It runs through the 2026 season. He is tied with the Saints’ Alvin Kamara to be the second-highest paid running back in the NFL according to overthecap.com. Carolina’s Christian McCaffery holds the top spot. 

Elliott has been with Dallas for the entirety of his NFL career. In five years he has 6,384 rushing yards and 46 touchdowns plus 241 receptions for 1,957 yards and 10 touchdown catches.

Jaylon Smith could be a trade candidate

Linebacker Jaylon Smith’s production has declined in recent years opening him up to trade discussions.

Micah Parsons, the Cowboys first-round selection in the 2021 NFL Draft, and free-agent addition Keanu Neal demonstrate the Cowboys are packing their linebacker room. Additionally, Leighton Vander Esch, who Rosenthal said looks “fresh and healthier than he has in years,” and rookie four-rounder Jabril Cox are also in the mix. 

“While defensive coordinator Dan Quinn figures to keep three linebackers on the field more than most teams, someone is going to lose snaps here and it’s probably Smith because of his struggles in coverage,” Rosenthal said.

Should the Cowboys try to trade Pro Bowler Smith for a late round pick? The NFL Network’s Gregg Rosenthal said not to rule it out. 

Smith has 498 total tackles, nine sacks, five fumble recoveries and a couple of interceptions over four years in Dallas.