The Dallas Cowboys have been negotiating a long-term contract with Dak Prescott since using the franchise tag on the quarterback in March. The two sides have until July 15 to reach a deal.

Dallas has already locked up its top two offensive weapons with record-setting contracts. In September, the Cowboys inked running back Ezekiel Elliott to a six-year, $90 million deal. Shortly after the start of free agency, wide receiver Amari Cooper signed a five-year, $100 million contract to stay with America’s Team.

What’s the holdup with Dallas and its starting signal caller?

According to Mike Fisher of 105.3 The Fan, the Cowboys have offered Prescott $175 million over five years. That would be the largest contract in NFL history. At $35 million a season, Prescott would be tied with Seattle Seahawks quarterback Russell Wilson for the highest average yearly salary.  

Wilson signed a four-year, $140 million deal last year. Atlanta Falcons quarterback Matt Ryan owns a $150 million contract, the most lucrative deal in the NFL.

Prescott reportedly prefers a four-year deal so he can cash in on a potential significant rise in the salary cap after the 2023 season. NBC Sports’ Chris Simms told 105.3 The Fan’s “K & C Masterpiece” Tuesday that Prescott only wants a five-year contract if he can get at least $45 million for the final year of the deal.

That would give Prescott a $185 million contract with an average annual value of $37 million.

A fourth-round pick in the 2016 NFL Draft, Prescott has been among the league’s best bargains since joining the Cowboys. Dallas has paid the quarterback $4.9 million over the first four years of his career. 

Prescott made $2.155 million in the 2019 season. The franchise tag would pay the 26-year-old $31.409 million for the 2020 season.

Prescott has started every game for the Cowboys since 2016, leading Dallas to a 40-24 record. The Cowboys have won two NFC East titles during that time.

Dallas missed the playoffs last year, even though the Cowboys had the No.1 ranked offense and Prescott finished second with 4,902 passing yards.

Dak Prescott Dallas Cowboys Dak Prescott #4 of the Dallas Cowboys reacts after carrying the ball against the Seattle Seahawks in the fourth quarter during the Wild Card Round at AT&T Stadium on January 05, 2019 in Arlington, Texas. Photo: Tom Pennington/Getty Images