Prescott signs $31.4M franchise tag

Dallas Cowboys quarterback Dak Prescott officially signed the franchise tag placed on him in March, according to David Helman of DallasCowboys.com.

The tag is worth $31.4 million for the 2020 season and gives the two sides until July 15 to negotiate a long-term deal, reports NFL Network's Ian Rapoport.

The Cowboys have failed to come to terms on a multi-year extension with their starting quarterback since talks began prior to the 2019 season.

Prescott reportedly turned down a deal that would have paid him $33 million per season and, in May, Dallas reportedly offered to make Prescott the second-highest-paid quarterback by average annual value. That deal would have been worth between $34 million and $35 million per season.

Russell Wilson of the Seattle Seahawks is currently the league's highest-paid quarterback by annual average, earning $35 million per season on a four-year, $140-million contract. The Pittsburgh Steelers' Ben Roethlisberger ranks second at $34 million per year, and Aaron Rodgers of the Green Bay Packers sits third, making $33.5 million annually.

Prescott is entering his fifth year as the Cowboys' starting quarterback. He's gone 40-24 in four seasons and has led Dallas to the playoffs on two occasions.