Dallas Cowboys quarterback Dak Prescott is set to become the highest-paid player in NFL history after inking a four-year, $240 million extension, ESPN’s Adam Schefter reported on Sunday.

The contract includes $231 million in guaranteed money, per CBS Sports’ Jonathan Jones.

The news comes just under two weeks after the Cowboys locked in Prescott’s top target for another four years by signing wide receiver CeeDee Lamb to a four-year, $136 million extension.

Lamb will earn an average annual salary of $38 million through the duration of the contract, which kicks in during the 2025 season.

He is set to cost $8.75 million against the cap in 2024, a hit that will climb to approximately $35.5 million in 2025, per Spotrac.

Prescott’s record contract meanwhile offers him a record average annual salary of $60 million through the 2028 campaign.

Prior to signing the deal the quarterback was set to cost the Cowboys a cap hit of $40 million for the 2025 season even without an extension.

That number is now set to drop below $30 million thanks to bonuses included in the extension, which will allow more than $26 million of his salary to be prorated toward future years, per ESPN’s Todd Archer:

The Cowboys currently have $65 million in cap space heading into 2024, per Spotrac.

Spotrac estimates that Prescott will continue to cost the Cowboys more than $55 million against the cap for the 2024 season.

Should the Cowboys have allowed Prescott to walk in free agency prior to the season, they would have been left with an NFL-record dead cap total of $95 million remaining in dead cap after this season.

Fox Sports’ Jay Glazer said Sunday on The Inside Scoop wiht Jay Glazer that the Cowboys describe Prescott’s contract as “a very salary cap-friendly deal, so that opens them up to start making moves in the future.”

The Cowboys have now committed $331 million in total guaranteed money toward Prescott and Lamb, per Spotrac.

That number could be set to climb as Dallas turns its attention toward an extension for defensive star Micah Parsons.

The Cowboys in April exercised the fifth-year, $21.3 million option on Parson’s contract for the 2025 season.

But after Lamb successfully held out for an extension rather than play the 2024 season, Parsons has more potential leverage to ink a new deal before 2025.

Parsons is listed as a linebacker but has developed into a key part of the Cowboys’ defensive line during his first three Pro Bowl seasons in the NFL. When he signs his next deal he could be looking for a contract that rivals San Francisco 49ers defensive end Nick Bosa’s position-record annual average of $34 million.

The Cowboys seem to be structuring their deals in order to clear space for the 2024 season, which could help them find room to sign Parsons. Dallas will hope to make a deep playoff run with their three stars before facing a cap crunch in the future.