According to Pro Football Talk, the guaranteed money on the five-year offer was too low for Prescott and his agent, Todd France, to accept.
And neither side budged. However, both sides appear to be comfortable with Prescott playing the season on the franchise tag.
For Prescott, it's another season of betting on himself to maximize his earning potential.
He did that in 2019 when he played for $2.1 million in the last year of his rookie deal and had the best statistical season of his career, passing for 4,902 yards and 30 touchdown passes to 11 interceptions.
While Prescott didn't net a long-term deal, he is guaranteed $31.4 million in 2020 and obviously has the prospect of making millions more in future years. In just looking at the franchise tags, after 2021's $37.7 million it balloons to $54 million in 2022, if the Cowboys choose to go that route.
The latter is not likely, which means he could hit the free-agent market for even bigger money after making $69 million in 2020 and 2021 combined.
It's all on the table now.
Eight NFL quarterbacks have been hit with the franchise tag since 1993. Only two were forced to play under the tag after not getting long-term deals from their respective teams -- Drew Brees, then of the San Diego Chargers and Kirk Cousins, then of Washington's NFL franchise.
Both ended up signing free-agent deals with other teams. Brees, who eventually signed with the New Orleans Saints, moved on after the one season under the tag largely because the Chargers drafted Phillip Rivers.
Cousins was tagged twice by Washington before signing with the Minnesota Vikings for three years and $84 million fully guaranteed before the 2018 season. He has since signed a two-year $66 million extension giving him a deal worth $96 million over the next three years.