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Cowboys to Gain $9.5 Million in Cap Space

The Dallas Cowboys are set to receive a significant cap relief this Sunday, June 2nd, thanks to the release of wide receiver Michael Gallup. This change will free up $9.5 million in cap space, easing their financial situation.

Gallup was cut in March with a June 1st designation, a strategy under the NFL’s collective bargaining agreement that allows teams to defer part of a player’s dead money to the following offseason. Although Gallup signed with the Las Vegas Raiders on April 30th, he has continued to count $13.85 million against the Cowboys’ cap. This amount is the sixth-highest on the team, following Dak Prescott, DeMarcus Lawrence, CeeDee Lamb, Zack Martin, and Trevon Diggs.

Starting Sunday, the Cowboys will receive $9.5 million in cap relief, leaving Gallup with $4.35 million in dead money against the 2024 cap and $8.7 million in 2025. Given Gallup’s declining performance, this financial strategy made sense, allowing Dallas to spread the dead money over two years and gain more flexibility.

With the new cap space, the Cowboys have various options. They might consider signing veterans like defensive tackle Linval Joseph or wide receiver Hunter Renfrow, or potentially re-signing cornerback Stephon Gilmore. Additionally, they could use the funds to extend contracts for linebacker Micah Parsons or defensive tackle Osa Odighizuwa.

The cap space situation does not impact quarterback Dak Prescott and wide receiver CeeDee Lamb, both of whom are currently negotiating long-term deals that would reduce their cap hits from $55 million and $18 million, respectively.

Despite a quiet offseason, this new cap space offers the Cowboys some financial breathing room, providing opportunities to make significant moves in the days ahead.

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