Cowboys Face Crucial Decision on George Pickens as Franchise Tag Window Approaches
It wouldn’t be Super Bowl weekend without a little Cowboys drama, and sure enough, Dallas found its way into the headlines once again - this time with wide receiver George Pickens at the center of it all.
According to multiple reports, the Cowboys are expected to use the franchise tag on Pickens, a move that’s been brewing for weeks. But there’s a twist: trading him is also on the table. So now, Dallas is staring down a pivotal decision - one that could shape the future of its receiving corps and the broader offensive identity heading into 2026.
Let’s break down where things stand and what the Cowboys’ options really are.
The Rise of Pickens in Dallas
When Dallas acquired Pickens from the Steelers last offseason - in a deal that cost them a third-round pick and a day-three pick swap - the expectation was that he’d complement CeeDee Lamb, not compete with him for top billing. But Pickens had other plans.
He didn’t just fit in - he thrived, leading the team in all major receiving categories. His physicality, deep-threat ability, and knack for contested catches gave Dallas a new dimension in the passing game.
Suddenly, Lamb wasn’t the lone star in the receiver room. Pickens was right there with him, and sometimes ahead.
Now, with his contract set to expire on March 11, the Cowboys are working against the clock to figure out their next move.
Option 1: Sign Pickens to a Long-Term Extension
This would be the cleanest resolution - lock him up, build around him and Lamb, and move forward with a high-powered receiving duo. Based on Spotrac’s valuation, Pickens could command around $30.6 million annually. Over a standard four-year deal, that’s $122.4 million.
That’s elite receiver money, and it would give the Cowboys clarity heading into free agency. They’d know exactly how much cap space is tied up in Pickens and how much is left to address other needs.
But here’s the reality: this route is unlikely, at least before the franchise tag window closes. The Cowboys historically prefer to use the tag as a placeholder, buying time to negotiate a deal rather than jumping straight into a long-term commitment.
Option 2: Tag Him, Then Work Toward a Deal
This is the most likely path. Tagging Pickens gives Dallas control for at least the 2026 season while keeping the door open for a long-term agreement before the July 15 deadline.
The tag window opens February 17 and runs through March 3. If Dallas places the tag on Pickens, it would be a one-year deal worth roughly $28 million. That’s a hefty number, but it’s a manageable figure for a team trying to retain one of its top offensive weapons.
The Cowboys have used this approach before - most recently with players like Dak Prescott, Tony Pollard, and DeMarcus Lawrence. It’s a familiar playbook: tag now, negotiate later.
The key here is timing. If both sides can find common ground before mid-July, the tag becomes a temporary bridge to a long-term solution. If not, things get more complicated.
Option 3: Let Him Play on the Tag
If no extension is reached by July 15, Pickens would be locked into the tag for 2026. That scenario carries risk for both sides.
For the Cowboys, it’s a significant cap hit with no long-term security. For Pickens, it’s a one-year deal with no injury protection beyond the season - a gamble that could cost him tens of millions if something goes wrong.
His agent, David Mulugheta, has a track record of pushing back against players playing on the tag. And history has shown why.
Anthony Spencer in 2013. Dak Prescott in 2020.
Both got hurt while playing under the tag, and while Prescott eventually got paid, the risk is real.
The Cowboys have gone this route before, but it’s not their preferred outcome. It’s more of a fallback if negotiations stall.
Option 4: Tag and Trade
Here’s where things get interesting. NFL Network’s Ian Rapoport reported that trading Pickens is on the table - which immediately drew comparisons to last offseason’s Micah Parsons saga.
That one never materialized into a trade, but the buzz was loud. This time, it might be more than noise.
If Dallas tags Pickens, they could explore a trade to recoup value before he hits the open market. According to league sources, his trade value would likely top out at a second-round pick and a late-round swap - essentially what Dallas paid to get him.
So the question becomes: is that return worth giving up a receiver who just led your team in production and still has room to grow?
On paper, it’s a tough sell. Pickens is young, dynamic, and already has chemistry with Dak Prescott. Trading him now might save cap space, but it could also create a glaring hole in the offense - one that’s not easily filled in free agency or the draft.
Option 5: Let Him Walk
Let’s be clear - this isn’t happening. If the Cowboys don’t tag Pickens by March 3, he becomes a free agent on March 11.
And if that happens, he’s gone. No compensation.
No trade return. Just a massive void in the offense.
Dallas has no intention of letting that happen. The tag gives them leverage, and they’re going to use it.
What Comes Next
The Cowboys have about a month to make their first move. The tag window opens February 17, and all signs point to that being the starting point for whatever comes next - whether that’s a long-term deal, a trade, or a season on the tag.
Pickens has proven he’s more than just a complementary piece. He’s a legitimate WR1-caliber player, and the Cowboys know it. Now it’s about deciding how much they’re willing to pay - and how far they’re willing to go - to keep him in Dallas.
One thing’s certain: the clock is ticking, and the Cowboys are on the clock.