Cowboys Target Pickens with Franchise Tag

The franchise tag for a wide receiver in 2026 is projected to be a one-year tender worth approximately $28.8 million. This figure is calculated based on the average of the top five wide receiver salaries from the previous five seasons or 120% of the player's prior-year salary, whichever is greater. Teams have a window from February 17th to March 3rd to apply the tag. Should the Cowboys apply the non-exclusive franchise tag, Pickens could still negotiate with other teams. If he were to sign an offer sheet elsewhere, Dallas would have the right to match the offer. If they declined, they would receive two first-round draft picks as compensation. The team and player would then have until mid-July to agree on a long-term extension. This move comes after a breakout 2025 season for Pickens, where he recorded 1,429 receiving yards and nine touchdowns. Acquired from the Pittsburgh Steelers in a trade, Pickens is currently playing on the final year of his rookie contract, which carried a cap hit of just over $3.65 million in 2025. The decision highlights the Cowboys' challenging salary cap situation, as they are currently projected to be over the 2026 salary cap. Applying the franchise tag to Pickens would add a significant one-year salary to their books while they also have high cap hits for players like quarterback Dak Prescott and fellow wide receiver CeeDee Lamb. The Cowboys have a history of using the franchise tag to retain key players, having used it on Prescott in both 2020 and 2021 before signing him to a long-term deal. They also tagged tight end Dalton Schultz in 2022 and running back Tony Pollard in 2023. The 2026 free-agent class for wide receivers is expected to include other notable names such as Mike Evans and Deebo Samuel, giving teams other high-caliber options to pursue. This context makes the Cowboys' decision to secure Pickens, even on a costly one-year deal, a significant move in shaping their offensive core for the upcoming season.