Why Trevon Diggs was the first contract extension on the Cowboys' to-do list

Stephen Jones has a strong poker face, as it turns out.

It's a timely reminder of just how much NFL business happens behind closed doors. Because as the Cowboys were hammering out a five-year, $97 million extension with All-Pro cornerback Trevon Diggs, their front office gave nothing away. "Certainly, it'd be a big plus if we could look up here and get one or two of these guys signed to longer term deals," Jones told reporters Tuesday morning.

Within two hours of providing that vague quote, the Cowboys have opened for business. Diggs being the first to sign only adds to the surprise.

This contract in particular has long been a hot topic of conversation, as the 24-year-old was about to begin the final year of his rookie deal after tallying 17 interceptions and two Pro Bowl bids in the first three years of his career. Whether fair or not, he has also sparked debate about whether his production is due more to the result of strong coverage or timely freelancing.

There was no shortage of speculation that Diggs could become the latest premier player to enter into a draw- out contract discussion. Instead, Diggs become the first domino to fall in an intricate salary situation in Dallas.

The deal keeps Diggs under contract through the 2028 season, and it can max out at a value of $100 million. Any way you slice it, Diggs will be one of the five highest-paid cornerbacks in football, and he'll be under contract through his age-30 season.

Much more important, from the Cowboys' standpoint: this contract clears up one of the most pressing situations on their books. More so than any of the other young stars on their roster, Diggs needed a resolution sooner rather than later.

The reasoning is obvious. By virtue of being a first-round pick, CeeDee Lamb has a fifth-year option on his deal and isn't eligible for free agency until 2025. Micah Parsons is only entering the third year of his contract and league rules don't even allow him to begin negotiating an extension until the 2023 season ends. Diggs, originally drafted in the second round in 2020, didn't provide them any of that leeway. Had he played out the 2023 season without a deal, Dallas would likely have been forced to use the franchise tag, sitting at a hefty $18.1 million for cornerbacks, to retain his services.

Instead, a long-term deal gives the Cowboys incredible flexibility for 2024. For starters, it's one less player to worry about tagging. If necessity dictates it, they're now free to use the franchise tag on another contract concern — Terence Steele, Tyler Biadasz and Tony Pollard all come to mind. On top of that, the length of Diggs' contract should help their salary cap. 

The terms of the deal aren't yet public, but it's a good bet the Cowboys will use all five of those years to their advantage, spreading out the $97 million price tag and keeping Diggs' cap hit manageable for at least the next two or three years.

That's a big deal for a team with quite a few other big deals to manage. The longer Diggs carries a low cost, the easier it is to sign the likes of Lamb, Parsons or even Dak Prescott. It's the type of thing that's easier to do when your players' salaries escalate slowly, rather than smacking the cap for a one-time, $18 million charge like the franchise tag.

Speaking of all these other players, it's a good bet the Cowboys aren't done. It's impressive that Jones didn't betray a wink or a grin Tuesday morning, talking about his to-do list while knowing a big item on the agenda was about to be addressed. "You just continue to grind and look for windows and opportunities to get these things done," he said. "As I mentioned, there's only one franchise tag, and you only get to use it on one guy and then the market decides the rest." 

The more Dallas gets players to sign this summer, the less stressful the franchise tag conversations become. Steele and Biadasz are entering contract years, as are Jayron Kearse and Stephon Gilmore. Though they aren't about to hit free agency, re-signing Lamb or Prescott would do wonders for the long-term financial outlook. And then there's the lingering issue of Zack Martin, who has yet to report to training camp as he seeks more compensation with two years remaining on the six-year deal he signed after his rookie contract.

There is precedent for a busy summer. As recently as 2019, the Cowboys reached major extensions with Jaylon Smith, La'el Collins and Ezekiel Elliott — all in a two-week stretch during the grind of training camp. It's hard to know if the Cowboys will be that proactive, but it'd hardly be surprising. Just remember: don't believe everything you hear.

David Helman covers the Dallas Cowboys for FOX Sports. He previously spent nine seasons covering the Cowboys for the team’s official website. In 2018, he won a regional Emmy for his role in producing "Dak Prescott: A Family Reunion" about the quarterback’s time at Mississippi State. Follow him on Twitter at @davidhelman_.