The Dallas Cowboys and Dak Prescott are quickly running out of time to reach a long-term extension. The two sides have exactly one month until the NFL’s deadline.

If Prescott doesn’t ink a new deal by July 15, he’ll have to play the 2020 season on the franchise tag. The tag would pay the quarterback a guaranteed one-year salary of $31.409 million before he heads toward 2021 free agency.

One month is plenty of time for Dallas and Prescott to agree on a deal, and there are reasons to be optimistic that something will be worked out. But each day that goes by increases the possibility that Prescott won’t sign an extension.

It’s been three months since the Cowboys tagged Prescott to prevent him from becoming a free agent.

Prescott made just north of $2 million in the 2019 season. It was the final year of his rookie contract, which paid the 26-year-old $4.9 million in his four seasons with Dallas.

According to reports, Prescott is looking to become the highest-paid player in the NFL. Russell Wilson leads the league with a $35 million average annual salary. Dallas has reportedly offered Prescott $34 million a year and $110 million guaranteed, which would tie the NFL record.

The Cowboys had the NFL’s No.1 offense last season. Prescott was the only quarterback to rank in the top five in passing yards, passing touchdowns and yards per attempt.

Prescott has never missed a start since being selected in the fourth round of the 2016 NFL Draft. The quarterback has a 40-24 regular-season record with two trips to the divisional round of the playoffs. Prescott’s 97.0 career passer rating is good for fifth all-time, tying him with Tom Brady.

Tony Romo ranks fourth all-time with a 97.1 passer rating.

Dak Prescott Cowboys Rams
Dak Prescott #4 of the Dallas Cowboys scrambles against the Los Angeles Rams in the first half of a game at AT&T Stadium on October 1, 2017 in Arlington, Texas. Tom Pennington/Getty Images