It's now official.
Dallas Cowboys quarterback Dak Prescott will play the 2020 season on the franchise tag, worth a guaranteed $31.4 million.
Not only did Prescott and the Cowboys fail to get a long-term deal done before Wednesday's deadline, but they didn't even talk in the days and hours leading up to it.
What it means immediately is that Prescott will report and play the season with the highest one-year salary in franchise history. The two sides can't resume negotiations until after the season.
What it means as far as Prescott and the team's long-stated goal of coming to terms on a long-term deal to keep him in Dallas for years to come is anybody's guess at this point.
If they couldn't get a deal done now, one might question what hope is there for them to get done before the 2021 season when Prescott's asking price will most certainly go up, especially if he has the season he and the Cowboys expect him to have under first-year head coach Mike McCarthy.
The exclusive franchise tag for 2021 is $37.7 million, if the Cowboys select that option again.
That number will be the baseline of any future long-term deal, which blows away the last offer the team made to Prescott in March.
Prescott turned down a five-year deal worth more than $34 million annually that included $110 million in guaranteed money.
Prescott wants a four-year deal. The Cowboys prefer to do five-year deals to help spread the money over the salary cap.