Cowboys' Updated Cap Space After Restructures & What It Means For Blockbuster Trade

The Cowboys have a boatload of cap space to work with after restructuring three contracts on Thursday. Here's what it means for a possible trade.

Dallas Cowboys owner Jerry Jones before the game between the Seattle Seahawks and the Dallas Cowboys at Lumen Field. Mandatory Credit: Steven Bisig-Imagn Images | IMAGN IMAGES via Reuters Connect

The Dallas Cowboys turned some heads on Thursday night when it was revealed the team opened up even more cap space with a trio of restructures.

According to ESPN's Todd Archer, the Cowboys restructured the deals of defensive tackle Kenny Clark, cornerback DaRon Bland and tight end Jake Ferguson

Archer notes that the restructures opened up around $19 million in cap space for the Cowboys, who were already sporting a healthy amount, hence the intrigue after the moves.

Here's a look at the Cowboys' updated cap space and what it means for a potential blockbuster trade.

Cowboys' updated cap space

Dallas Cowboys owner Jerry Jones speaks at training camp opening ceremonies at River Ridge Playing Fields. Mandatory Credit: Kirby Lee-Imagn Images | IMAGN IMAGES via Reuters Connect

Archer notes that Dallas had around $14.2 million in cap space before the restructures, per the NFLPA website, with a sizable chunk of that coming from the Quinnen Williams extension.

With those restructures adding about $19 million to the pile, quick math tells us Dallas has about $33.2 million to work with.

Over The Cap actually had the Cowboys with a little bit more in cap space than the NFLPA had, with Dallas coming in at $15.8 million on OTC's website. The added roughly $19 million puts Dallas around $34.8 million.

Either way, the Cowboys have the equivalent of a boatload of dough to work with for the 2026 season. Most teams aim for around $8 to $10 million to operate with during a season.

What adding more cap space means for a trade

Dallas Cowboys head coach Brian Schottenheimer looks on before the game between the Cowboys and the Saints at AT&T Stadium. Mandatory Credit: Jerome Miron-Imagn Images | IMAGN IMAGES via Reuters Connect

What we can say with 100% certainty is that the Cowboys can now do anything they want with all of this cap space. What and when they do something remains to be seen.

NFL Network's Jane Slater is reporting that the Cowboys are just opening up cap space with these restructures and it appears they aren't being done to position the Cowboys for an imminent trade.

"Yes the Cowboys have created cap space but I’m being told it’s just that," Slater wrote.

Nick Harris of the Fort Worth Star-Telegram concurs with Slater.

"I concur here," Harris said in response to Slater's tweet. "I see this more as preparation for potentially making something happen at the deadline if it makes sense rather than before the season."

Archer went on to note in his reporting that this move also allows the Cowboys to "carry over any unused space to 2027."

Dallas Cowboys chief operating officer Stephen Jones at training camp at River Ridge Playing Fields. Mandatory Credit: Kirby Lee-Imagn Images | IMAGN IMAGES via Reuters Connect

Like Harris, The Dallas Morning News' Joseph Hoyt believes if a big trade is to go down at some point, look for that to happen more toward the deadline.

"Have said this since the first day of training camp and it still holds true: the 'substantive' trade idea that Jerry Jones has talked about? Look more at something in the middle of the season, like the Quinnen Williams trade last year, rather than something right now," Hoyt said.

Slater dove into the Cowboys' history of making moves like this to clear cap space and she went back to 2021 as the last time Dallas did anything remotely close by restructuring the deals of Ezekiel Elliott and Dak Prescott, which freed up $12 million.

Take this for what it's worth, but the Cowboys did not make any moves after that with the extra money.

That said, we do believe Dallas' goal is to put itself in position to do something massive at the trade deadline if the team is good enough, and if the opportunity presents itself.

How about a Maxx Crosby trade?

Las Vegas Raiders defensive lineman Maxx Crosby (98) on the field before the game against the San Francisco 49ers at Allegiant Stadium. Mandatory Credit: Christopher Trim-Imagn Images | IMAGN IMAGES via Reuters Connect

The Cowboys adding all that cap space immediately had fans hoping for a Crosby trade.

Of course, Dallas made a strong play for Crosby this offseason before the Baltimore Ravens ultimately acquired him and then nixed the trade over a failed physical.

Crosby has re-committed to the Raiders since then, so a trade before the season seems unlikely at this point. However, there's definitely a chance things change and Crosby requests a trade again if the Raiders stink, which is likely to happen.

What's interesting about the restructure as it relates to Crosby is that it puts Dallas over the amount needed to acquire him.

Over The Cap has previously said that any team acquiring Crosby will take on about $30.7 million and would need $29.8 million in cap space just to execute the deal (h/t Jane Slater).

Las Vegas Raiders defensive end Maxx Crosby (98) forces a fumble by Dallas Cowboys quarterback Dak Prescott (4) during the first half at Allegiant Stadium. Mandatory Credit: Stephen R. Sylvanie-Imagn Images | IMAGN IMAGES via Reuters Connect

Once the trade is completed, Dallas could then restructure Crosby's deal to lower his cap hit even further.

“After the trade occurs the acquiring team then has the ability to restructure the contract to bring the salary cap charge down. In Crosby’s case they would convert $28.7 million to a bonus, likely adding a void year in the process, and save $22.96 million in cap room, bringing Crosbys salary cap number for the year down to $7.822 million," Over The Cap said.

"However, that does not occur until after the trade. You need the $29.857M to execute the trade not just $7.8 million.”

So, the Cowboys have cleared all of the financial thresholds they needed to be able to acquire Crosby if he hits the trade block at any point this season.

Maybe Crosby never becomes available, maybe he does, but either way the Cowboys are well-positioned to do something substantial, whether that be now, a month from now or two months from now at the trade deadline.

— Sign up for the Cowboys Daily Digest newsletter for more free coverage from Dallas Cowboys on SI —