Salary cap space: -$29.1 million
The Cowboys have the third-worst cap situation heading into 2026, behind only the Chiefs and Vikings. They were No. 3 on this list last year, staring down a Micah Parsons extension and the looming lack of a running back and a second wide receiver. Funny enough, they traded Parsons and signed both RB Javonte Williams and WR George Pickens in free agency. But after breakout seasons, the latter two will demand significant pay raises as unrestricted free agents in March.
Additionally, All-Pro kicker Brandon Aubrey is set to be a restricted free agent, which will likely mean about an extra $6 million investment to keep him in Dallas. Then there’s the defense, which ranked third-worst in yards allowed and dead last in scoring in 2025 and is littered with 2026 free agents, particularly safety Donovan Wilson, linebacker Kenneth Murray and edge rushers Sam Williams, Jadeveon Clowney and Dante Fowler.
Dallas is rarely the flashiest team in free agency, but starting in the red with a gutted defense isn’t going to help. If Jerry Jones and Co. intend to keep Pickens and Williams at the core of the offense, it could take upwards of $40 million a year for that duo alone. It’s going to be very tough for the Cowboys to get better in what is shaping up to be a tough NFC East next season.