In a move that largely reflected their strategy through the early stages of this year's free agency, the Dallas Cowboys opted for a conservative approach while other teams made larger waves. The biggest addition to their roster was the signing of 32-year-old linebacker Eric Kendricks to a one-year deal valued at $3 million, with potential incentives pushing the contract's value to $3.5 million. Kendricks, who previously played for new defensive coordinator Mike Zimmer during their time with the Minnesota Vikings, was brought in to fill the void left by the retiring Leighton Vander Esch.
Meanwhile, the Cowboys addressed their need at running back by re-signing Rico Dowdle to a one-year contract worth $1.255 million. The move to solidify their backfield continued when Ezekiel Elliott returned to Dallas on a one-year, $2 million contract, which could increase to $3 million through incentives, after the 2024 NFL Draft in late April. Despite these additions, some fans and analysts were left wondering why the Cowboys didn’t pursue a higher-profile name like Derrick Henry.
Henry's Desired Destination
Derrick Henry, who notably expressed his desire to join the Cowboys, ultimately signed a two-year, $16 million contract with the Baltimore Ravens at the start of free agency in March. "I was like, man, if I'm not in Tennessee or I don't get to go to Dallas, I'd love to be a Raven," Henry commented on the "Pivot" podcast. The deal, which includes $9 million fully guaranteed and the potential to reach $20 million with incentives, solidified Henry's commitment to the Ravens. Despite his hopes, Henry revealed, "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is."
The decision not to pursue Henry seemed to rest on financial considerations. Cowboys owner Jerry Jones remarked, "I like our personnel. We couldn't afford Derrick Henry." The team faces a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Elliott, further complicating their financial landscape. This cap strain, combined with existing roster commitments, likely deterred the Cowboys from making a competitive offer for Henry, whose agent interestingly is the same as Dak Prescott's.
Rushing Woes
Henry’s impact with the Ravens was immediate. In a standout performance against Dallas, he ran for 151 yards and two touchdowns on 25 carries, adding 23 receiving yards for a total of 174 yards from scrimmage. This performance underscored what the Cowboys might be missing, as their rush offense has struggled significantly. Currently, Dallas ranks 30th in the NFL in rushing, with an average of just 73.7 yards per game. Their running backs have managed only 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry. These stats reflect a broader trend, with the Cowboys being minus 74 rushing yards over expectation, ranking only above the Chicago Bears and Miami Dolphins.
A Look at Dallas' Personnel
In contrast, Henry’s numbers showcase what might have been. He has accumulated 281 rushing yards, ranking fifth in the NFL, and is tied at the top for rushing touchdowns with four to his name. His average of 5.0 yards per carry and 65 rushing yards over expectation position him among the league's elite backs, reinforcing the missed opportunity for Dallas.
Jerry Jones, while acknowledging the talent available in free agency, seemed confident in the Cowboys’ choices, stating, "We couldn't afford Derrick Henry." Highlighting the team's future plans, Jones proclaimed that Dallas would be "all in" for the 2024 season. However, he has delayed signing key players like wide receiver CeeDee Lamb and quarterback Dak Prescott to contract extensions, indicating a cautious approach to roster management and cap considerations.
Financial Constraints and Strategic Choices
Further complicating the financial landscape, the Philadelphia Eagles made Landon Dickerson the NFL’s highest-paid offensive guard in March, inflating the market dynamics. However, a creative solution could have been available. By structuring a two-year, $14 million contract, Henry’s cap number for 2024 could have been reduced to $2.595 million through the addition of three dummy years, a common NFL cap manipulation tactic. This would have given Henry the same net amount in Texas as his current Ravens contract while providing a feasible fit under the Cowboys' cap.
Ultimately, while the Cowboys' front office remains resolute in their decisions, the ripple effects of these choices on the field are apparent. With their current rushing struggles and the conspicuous absence of a dominant back like Henry, the Cowboys' calculated risk in free agency continues to be a point of scrutiny as the season progresses.