In a move that reflects their strategic approach through the early stages of this year's free agency, the Dallas Cowboys have taken a conservative path while many other teams made significant changes. The biggest addition to their roster is the signing of 32-year-old linebacker Eric Kendricks. Kendricks, who inked a one-year deal worth $3 million—with potential incentives pushing the total value to $3.5 million—was brought in to fill the void left by the retiring Leighton Vander Esch.
Meanwhile, the Cowboys have addressed their running back needs through continuity rather than blockbuster trades or marquee signings. Rico Dowdle was re-signed to a one-year contract worth $1.255 million, and Ezekiel Elliott, who was released with a post-June 1 designation, ultimately returned to Dallas on a one-year, $2 million deal. This deal could increase to $3 million through incentives.
Missed Opportunity with Derrick Henry
Despite the speculation, Derrick Henry will not be joining the Cowboys. Henry signed a two-year, $16 million contract with the Baltimore Ravens at the start of free agency in March. This deal includes $9 million fully guaranteed and the potential to reach $20 million with incentives. Henry has made it clear that he had a list of preferred destinations, stating on the "Pivot" podcast, "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."
Addressing the rumors, Henry added, "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is." His sentiments were echoed by Cowboys owner Jerry Jones, who bluntly stated, "We couldn't afford Derrick Henry," emphasizing the team's current financial constraints. Jones reiterated this point multiple times, perhaps to drive home the reality of the team's situation. However, he was quick to proclaim that Dallas will be "all in" for the 2024 season.
Running Game Woes
The Cowboys' conservative approach has left their running game lagging. Dallas currently ranks 30th in the NFL in rushing, managing a paltry average of just 73.7 yards per game. The team's running backs have combined for only 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry. The Cowboys are struggling with a minus-74 rushing yards over expectation, ranking them only above the Chicago Bears and Miami Dolphins.
In stark contrast, Henry has already accumulated 281 rushing yards, ranking fifth in the NFL. He is tied at the top for rushing touchdowns with four to his name. Henry's average of 5.0 yards per carry and 65 rushing yards over expectation positions him among the league's elite backs, further highlighting what the Cowboys are missing out on.
Financial Maneuvering Limitations
The financial strategies employed by other teams also underscore the Cowboys' cautious approach. For example, the Philadelphia Eagles made Landon Dickerson the NFL’s highest-paid offensive guard in March, demonstrating their willingness to spend for a competitive edge. By structuring a two-year, $14 million contract, Henry's cap number for 2024 could have been reduced to $2.595 million through the addition of three dummy years—a strategy Dallas opted not to pursue.
The Cowboys currently face a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott, a notable financial burden that influences their decision-making in free agency. This financial constraint has undoubtedly contributed to their conservative deals and re-signings rather than splashy acquisitions.
While the Cowboys have made strategic choices that align with their financial realities, the on-field results will ultimately determine the success of their conservative approach. With owner Jerry Jones publicly committing to going "all in" for the 2024 season, fans will be watching closely to see if these calculated moves pay off.