The Cowboys just handed Quinnen Williams a three-year, $105.9 million extension, and now the focus is shifting to how much more they can afford. The Lamb-Pickens duo was one of the few bright spots in a rough 2025 season, with Pickens leading Dallas with 1,429 receiving yards and Lamb adding 1,077. As camp continues in Oxnard, the big question is whether the Cowboys can keep both long-term without blowing up the budget, and the front office has finally addressed it.

“Yeah, you just got to tell me the rest [of our spending], too,” Cowboys executive vice president Stephen Jones told Jori Epstein of Yahoo Sports. “At some point, you’ve got to figure that out. But no, I think it’s realistic. “I’d say the two of them did pretty damn good. Would you take that again? Hell, yeah, you would. But can they be better? I think they can. And the good news is it’s not like we’re naked without them.”

It’s worth noting that Dallas has already invested heavily in Lamb. Back in 2024, they extended his contract by four years for $136 million. And that made him one of the highest-paid receivers in the league at that time. On the other hand, Pickens is tethered to a one-year, $27.3 million franchise tag. Retaining Pickens beyond the 2026 season would certainly put pressure on the salary cap. That makes the decision even tougher because the duo already has a strong foundation.

They did not become a top duo by accident. Lamb and Pickens had been training together years before they ever shared a Cowboys locker room, going back to Pickens’ pre-draft process after Lamb’s second NFL season. By the end of 2024, Lamb was already one of the league’s top receivers, while Pickens had racked up 2,841 yards and 12 touchdowns in three seasons with Pittsburgh. So when they finally teamed up in Dallas, the chemistry was already there.

During OTAs, Lamb and Pickens put in extra work together and studied each other’s game. Lamb loved Pickens’ deep-ball and contested-catch ability, while Pickens pointed to Lamb’s footwork and quickness in tight spaces. Once they hit the field together, Lamb called the difference “night and day.” Double Lamb, and Pickens gets the one-on-one.

Dak Prescott is already making $60 million per year, and the Cowboys have only about $5.5 million in 2026 cap space. Pickens is counting $27.3 million on the franchise tag, and things get even tighter in 2027, when Prescott is projected to carry roughly a $76 million cap hit and CeeDee Lamb around $46 million. If Pickens lands another massive deal, Dallas will have some serious cap juggling to do.

Team owner Jerry Jones acknowledged that the rest of Dallas’ spending must be carefully considered. However, the franchise values the return on its investment. After all, the Cowboys had to give up on a third-round pick to acquire Pickens from the Pittsburgh Steelers. 

“We really like him. And I’m telling you right now, we can go, and we can live with two big-time receivers,” the 83-year-old boss said as per The Athletic. “It’s hard (with the salary cap), but we can live with two big-time receivers for the long haul.”

That unwavering belief is exactly why the Cowboys opted to put Pickens under the franchise tag to begin with. And it’s certainly not the first time Dallas has used the tag to buy time while negotiating with a player. Back in 2015, the Cowboys adopted a similar strategy to keep Dez Bryant and later signed an extension. 

While the front office calculates the salary cap implications, the players on the field are making their preferences crystal clear. Of course, the receivers want to stay. 

CeeDee Lamb wants the Cowboys to retain George Pickens for the long-term

“I’m sure we can make a way,” Lamb told Yahoo Sports. “I know it’s going to be a little crazy, but I know we can make a way for this one. Listen, this is my advocation: ‘@ Jerry, can you please figure out a way? Let’s figure it out. I don’t care what needs to happen.’

“’Let’s figure it out, and it’s going to get you a couple more championships.’” 

The chemistry between the two receivers gives Dak Prescott a strong set of complementary weapons. Lamb is a high-volume target and elite route runner who can line up all over the field. Meanwhile, Pickens brings size, vertical explosiveness and one-on-one ability that makes him tough for defenses to handle.

That is why Lamb wants Dallas to keep the pairing together. But the bigger question is how much that chemistry is worth. If the Cowboys can navigate the salary cap and sign Pickens long-term, they would keep one of the strongest parts of their offense intact. The challenge is doing that without tying up too much money at receiver while still fixing the rest of the roster.