Why haven’t the Cowboys signed George Pickens long-term yet?

The Dallas Cowboys may have delayed things once again—and it could cost them. As the NFL wide receiver market keeps rising, George Pickens is gaining more leverage with every passing deal.

A recent blockbuster contract elsewhere in the league has shifted the landscape. Now, Dallas could be forced to pay significantly more if they want to secure their top receiver long-term.

Market Reset Raises the Stakes

The market took a major jump when the Seattle Seahawks extended Jaxon Smith-Njigba on a four-year, $168 million deal, including $120 million guaranteed.

After a standout 2025 season—highlighted by Offensive Player of the Year honors and a Super Bowl win—Smith-Njigba now earns over $42 million annually.

This places him among elite company, alongside Ja’Marr Chase. Once contracts reach that level, they tend to reset expectations across the league. Every new deal pushes the ceiling higher for the next player in line.

Pickens’ Production Strengthens His Case

Pickens has done his part to justify a massive payday.

In his first season with Dallas, he recorded:

• 93 receptions
• 1,429 receiving yards
• 9 touchdowns

Those numbers firmly place him among the NFL’s top receivers.

However, instead of locking him into a long-term deal early, the Cowboys used the franchise tag. That move guarantees Pickens $27.2 million for the 2026 season but delays a bigger contract decision.

From a strategic standpoint, waiting benefits the player. As new contracts are signed, the market keeps rising—and so does Pickens’ value.

Dallas’ Familiar Contract Pattern

This situation feels familiar in Dallas.

The Cowboys have previously taken a slow approach with star players like Dak Prescott and CeeDee Lamb. In both cases, prolonged negotiations eventually led to record-setting deals.

While the strategy sometimes works, it often comes at a higher price. Waiting too long allows the market to grow, leaving the team with fewer cost-saving options.

Now, the same pattern appears to be unfolding with Pickens.

Uncertainty Surrounds Negotiations

One major concern is the lack of progress in contract talks.

So far, there have been no meaningful negotiations between the Cowboys and Pickens’ agent, David Mulugheta.

Although team owner Jerry Jones has indicated that Pickens is happy in Dallas, there is no clear confirmation that the receiver is comfortable playing under the franchise tag.

If talks do not advance soon, tensions could rise. A potential holdout during training camp or offseason workouts remains a real possibility.

At the same time, other teams may continue to push the market forward. The Los Angeles Rams could soon negotiate a new deal with Puka Nacua, which would likely increase receiver salaries even further.

The Cowboys still control Pickens’ short-term future, but that control comes at a growing cost.

With the wide receiver market rapidly expanding, patience may favor the player more than the team. If Dallas does not act quickly, they risk repeating history—waiting too long and ultimately paying a premium to keep their star receiver.

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