The Cowboys have placed the franchise tag on Pickens, signaling their intent to keep him in Dallas, but whispers of a potential move are still circulating.
Sure, the tag means Pickens is set to earn around $27 million in 2026, but both he and the Cowboys are eyeing a long-term deal. Why?
First, to silence the ongoing speculation about his future. Second, to ease the salary cap hit, allowing Dallas to be more aggressive in bolstering Christian Parker's defense.
Rumors of a trade involving Pickens have surfaced, which seems puzzling. Some reports suggest Dallas might accept just a second-round pick in return. For a player fresh off a 1,429-yard, 9 TD season in 2025, that seems like a bargain basement price.
It's hard to see the Cowboys parting with Pickens, especially not for a second-round pick. Here's why: the franchise tag suggests they value him at two first-round picks. So, why trade a star worth that for a single second-rounder?
Yet, the chatter persists. Bleacher Report's Moe Moton recently floated the idea of Pickens heading to New England.
According to Moton, Ian Rapoport reports that Pickens won't report to the Cowboys' facilities without a new deal, and suggests Dallas could avoid a holdout by trading him to the Patriots, who are reportedly interested in wide receiver A.J. Brown.
If the Cowboys were to trade Pickens for just a second-round pick, the reaction would be intense. The offense would take a hit, leaving CeeDee Lamb and Ryan Flournoy as Dak Prescott's primary targets. That's not an ideal scenario.
The worst-case situation? Pickens plays under the tag, and the speculation about his future continues to swirl throughout the season.