The Dallas Cowboys' approach to free agency has been a puzzling strategy for over a decade. Ever since the team shelled out significant cash for cornerback Brandon Carr in 2012, they've been notably absent from major free agent splashes. While Carr proved to be a solid addition, the Cowboys have since shied away from making similar investments.
There are plenty of theories as to why this is the case. Some suggest the Cowboys prefer to build their roster through the draft, while others speculate about financial conservatism.
However, it's essential to remember that the money in question pertains to the salary cap, not cash that can be pocketed. Regardless of the reasoning, it's clear that free agency isn't a tune the Cowboys are eager to learn.
Jason Fitzgerald, a leading expert on NFL salary cap intricacies, recently delved into how teams engage with free agency. His analysis was partly inspired by comments from Baltimore Ravens GM Eric DeCosta, who admitted that his team doesn't heavily engage in free agency either.
Fitzgerald's research focused on players signed in March and April from 2020 to 2025, filtering out those who signed for the veteran minimum by setting a $2M baseline. This provided a clearer picture of genuine free agent investments.
During this period, the Cowboys' activity was telling. While the Ravens have only signed 11 players, the Cowboys' numbers aren't far off.
However, the Cowboys rank last in the NFL in terms of average spending per year and per player. Even the Green Bay Packers, with fewer signings, outpace Dallas in these financial metrics.
Fitzgerald's conclusion about the Cowboys wasn't flattering. Despite having 16 signings, they have committed less than $55 million in contracts, which is around $20 million less than the next closest team. Their average spending of $3.4 million per player is strikingly low, even less than teams like the Texans, who have filled entire rosters with free agents.
This cautious approach has sparked debate among Cowboys fans. While no one is advocating for Dallas to lead the league in free agent spending, there's a strong case for them to be more active participants.
Free agency shouldn't be treated like a reckless spending spree, but it also shouldn't be ignored as a valuable tool for building a competitive roster. The current strategy seems, to put it mildly, "absurd."