The Dallas Cowboys will face plenty of difficult decisions during the 2026 offseason. Dallas should feel motivated to improve the roster after finishing the regular season 7-9-1. The Cowboys may already be zeroing in on their first major roster move of the offseason.

Cowboys EVP Stephen Jones said on Monday that Dallas is “leaning toward” using the franchise tag on Pickens. The value of the franchise tag for a wide receiver in 2026 is projected to be $28.82 million.

“We want Pickens here. We think the world of him,” Jones said. “Want him here. Love him, and I think he wants to be here. So all that’s a plus.”

The Cowboys clearly want to keep Pickens around in 2026. But it remains to be seen whether they want to give him a lucrative contract to keep him around for a long time.

“We’ve had people play under the tag and we’ve made deals with people that have a tag,” Jones said. “It can go either way. We’ll continue to really analyze the situation and see what’s next.”

Ultimately, the franchise tag may just end up being a placeholder until both sides agree to a long-term deal.

But how much would a Pickens extension cost? And could the Cowboys even afford such a contract?

Below we will explore the perfect contract the Cowboys should offer Pickens after talking about franchise tagging him on Monday.

How much is George Pickens worth after breakout 2025 season?

Pickens became eligible for a contract extension at the perfect time.

The veteran receiver is coming off a breakout season in 2025 that could set him up for a massive payday.

Pickens hauled in 93 receptions for 1,429 receiving yards and nine touchdowns during the regular season. All of those figures were career highs for Pickens. His production was even more impressive when considering he played most of the season in the same offense as superstar CeeDee Lamb.

Now Pickens could become one of the NFL’s highest-paid receivers on a long-term deal.

According to Spotrac, Pickens has an estimated market value of roughly $30.6 million per season. If Pickens landed a contract at that value, he would immediately become one of the 10 highest-paid receivers in the NFL when measured by average annual value.

Pickens would earn about as much as Amon-Ra St. Brown, Terry McLaurin, and Brandon Aiyuk. But he would still fall short of Lamb, who earns $34 million per season on average.

There is no question that Pickens deserves a contract in that neighborhood. In a few years, the Cowboys could look like geniuses for locking up the 24-year-old wide receiver when they did.

The real question is, how much are the Cowboys willing to pay Pickens?

Why the Cowboys should offer Pickens a $125 million contract this offseason

I have the Cowboys offering Pickens a four-year contract worth $125 million.

This contract would slot Pickens between Aiyuk (four years, $120) and Garrett Wilson (four years, $130 million). But Aiyuk was 26 when he signed his deal, and Wilson was 24.

Pickens will turn 25 years old in March, so it makes sense to me to put him in the middle of that range.

I see this as a true extension for Pickens, by which I mean in addition to the salary cap. That would keep Pickens in Dallas through the 2030 season.

One reason why I think Pickens should get an extension after his franchise tag is to let negotiations last as long as possible.

The Cowboys are currently $24.56 million over the 2026 salary cap with just weeks before free agency. As such, the Cowboys will be forced to restructure some contracts and possibly cut a few players to their books balanced.

It is almost impossible to know exactly what Dallas’ financial situation will look a few months from now. Both Pickens and the Cowboys could be wise to wait until after free agency and the 2026 NFL Draft to hammer out an extension.

Either way, the Cowboys need to do whatever it takes to keep Pickens on the team for years to come.