In the early stages of this year's free agency, the Dallas Cowboys steered clear of the major splashes, opting for a conservative approach while other teams dove headfirst into the market. The biggest name to join their roster was 32-year-old linebacker Eric Kendricks, brought in on a one-year, $3 million deal that could rise to $3.5 million with incentives. Kendricks steps in to fill the void left by the retiring Leighton Vander Esch, aiming to bolster a defense looking for veteran leadership.
While many fans were clamoring for high-profile acquisitions, the Cowboys' approach was more about solidifying their current roster. They re-signed running back Rico Dowdle to a one-year contract worth $1.255 million and managed to bring back Ezekiel Elliott on a one-year, $2 million contract, potentially rising to $3 million through incentives. Elliott's return after the 2024 NFL Draft suggests a measured strategy, hinting at the Cowboys' intent to remain financially nimble.
Derrick Henry's Departure
One of the significant storylines of this free agency period involved running back Derrick Henry, who inked a two-year, $16 million contract with the Baltimore Ravens in March. Henry’s deal includes $9 million fully guaranteed and could reach $20 million through incentives. Reflecting on his departure, Henry shared 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."
Despite the mutual interest, the Cowboys' front office never made a move to secure Henry. "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is." Henry’s comments shed light on the realities of salary cap constraints and team priorities.
Financial Constraints and Strategic Decisions
Cowboys owner Jerry Jones addressed the situation candidly. "We couldn't afford Derrick Henry," he admitted. This repeated declaration underscores the team's commitment to financial prudence while planning for the future. Dallas faces a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott, adding another layer of complexity to their salary cap management.
Performance Metrics
On the field, Dallas's running game has left much to be desired. Ranking 30th in the NFL with an average of just 73.7 rushing yards per game, the Cowboys’ run game has struggled significantly. Their running backs have managed only 170 yards and a single touchdown on 49 attempts, averaging a paltry 3.5 yards per carry. They are minus 74 rushing yards over expectation, standing only above the Chicago Bears and Miami Dolphins in this metric.
Henry's Impact in Baltimore
Meanwhile, Derrick Henry has been a force for the Ravens, accumulating 281 rushing yards and ranking fifth in the NFL. Tied at the top for rushing touchdowns with four, Henry averages 5.0 yards per carry and has 65 rushing yards over expectation, reaffirming his status among the league's elite backs.
Looking Ahead to 2024
The Philadelphia Eagles also made significant moves, making Landon Dickerson the NFL’s highest-paid offensive guard in March. Strategic restructuring would have allowed the Cowboys to potentially reduce Henry’s cap number for 2024 to $2.595 million through the addition of three dummy years, but such financial gymnastics were not part of Dallas's plans.
With an eye on the future, Jones expressed optimism about the upcoming season, proclaiming that Dallas would be "all in" for 2024. This statement suggests a careful balancing act between immediate competitiveness and long-term sustainability, a hallmark of the Cowboys' roster management philosophy.
As the season progresses, the effectiveness of Dallas's conservative strategy will be closely scrutinized. Fans and analysts alike will be watching to see if the decisions made in the early stages of free agency will pay dividends or if the cautious approach will leave them wanting.