How will Dak Prescott be affected by Patrick Mahomes’ new deal?

How much will Dak Prescott get after Patrick Mahomes got his extension?

Patrick Mahomes beat Dak Prescott in the getting paid department this NFL offseason.

The Super Bowl MVP quarterback of the Kansas City Chiefs has reportedly agreed to a 10-year-extension that will have him under Chiefs’ control through 2031. Mahomes has two more years left on his rookie deal as a former first-round pick in 2017. He’ll now be in his late 30s when he’s able to hit unrestricted free agency again.

While the exact numbers of his contract haven’t been released just yet, we can confirm it’s a record-setting deal, which means Mahomes could be looking at a $400 million deal.

Dak Prescott won’t be the highest-paid quarterback in football anymore.

So where does this leave Prescott? The former fourth-round pick in the 2016 NFL Draft out of Mississippi State was hit with the franchise tag this offseason. He and the Dallas Cowboys have until July 15 to come to a long-term deal. Otherwise, Prescott will have to play on the tag for a little over $31 million for 2020.

While Prescott is cool with playing on the tag, as he’s never made big money before as a former fourth-round pick out of a mid-tier SEC school, he has to wonder if his massive, long-term pay deal is ever really coming. The Cowboys want him to sign a five-year deal, but he covets a four-year contract. With Mahomes getting paid, Prescott has even more leverage at a smaller deal.

No reasonable human being would pay Prescott more than what Mahomes would get in annual salary. Mahomes is the best quarterback in football, while Prescott is only top-12. However, he could get a few million more than the $31 million he’s slated to get on the 2020 franchise tag. Maybe he’s looking at something in the $33.5 million range on a three or four-year deal?

Then again, Dallas may just let Prescott play on the tag and then try again in the 2021 NFL Draft. Maybe they really like Jamie Newman out of Georgia or have the stones to trade up into the top-five to draft Trevor Lawrence out of Clemson or Justin Fields out of Ohio State? Either way, the Cowboys have a perennial Pro Bowler as Prescott’s backup in Andy Dalton on the cheap.

Sadly, Prescott will never be the highest-paid quarterback in football at any point in his life. His shot at it was to beat Mahomes, Deshaun Watson and Lamar Jackson to the punch. Now that it didn’t happen, he may have to come to grips that he’ll play his last year with the Cowboys in 2020 before signing on elsewhere as a free agent.

Mahomes’ contract extension means a new Prescott deal will not be a record-setting one.