Reports have been making the rounds that the Dallas Cowboys may place a franchise tag on George Pickens. The move would prevent the star wide receiver from hitting free agency. But there’s another option they could opt for. An insider insisted on whether the Cowboys could ship him for draft capital. The strategy may seem lucrative, but another warned that it could come with serious consequences.

“I get that part of it. And yeah, you would look at that and say, OK, that was a net positive,” Mike Garafolo replied when Ian Rapoport floated the idea that Pickens can attract hefty draft capital once tagged.

“At some point, though, you’re trading for players, and you’re acquiring players with the thought of them being parts of a potential championship team. And you’re not going to get there if you keep trading them away. And we talked about how much Pickens freed up things for C.D. Lamb and vice versa. So if you trade him away, now you’re back to who’s going to complement C.D. Lamb. Just proceed with caution.”

During a recent discussion, reporters Garafolo and Rapoport weighed in on George Pickens’ future. When Garafolo said a franchise tag feels inevitable for Jerry Jones’ receiver, his partner agreed, citing his breakout year. However, Rapoport couldn’t help but imagine a wild scenario if the Cowboys secure him with a franchise tag. He wondered whether they would allow him to seal a long-term deal elsewhere in exchange for a second-round pick.

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Describing it as “incredible value,” Rapoport backed this possibility by the franchise’s past trend of trading top talent for major draft capital. This move may ‌seem appealing, but Garafalo’s words of caution carry weight.

The ultimate goal is to win the Lombardi Trophy, and losing Pickens would be a big gamble. Meanwhile, the analysis follows reports revealing that Jones is adamant about not allowing his receiver to become available this offseason.

According to ESPN’s Adam Schefter, the team will likely use the franchise tag on him through a one-year, $28 million contract. The tag window opens February 17 and runs through March 3.

The prediction comes on the back of George Pickens’ career-best performance. He caught 93 passes on 137 targets for 1,429 yards and nine touchdowns. After acquiring him from the Pittsburgh Steelers, his partnership with fellow wideout CeeDee Lamb has stabilized the receiving group. 

Using the tag would keep him with Dallas for the upcoming season and buy Jones more time for long-term talks. But it may not be as smooth as it seems.

George Pickens’ franchise tag could complicate matters for Dallas

The Cowboys may be ready to lock in Pickens, but ESPN’s Jeremy Fowler believes it may lead to a tense “standoff.” It could happen because of a mismatch between the franchise tag projection at $28 million and the player’s $30 million annual market value. While acknowledging Pickens’ desire to stay in Dallas, Fowler clarified that he wouldn’t “cut them any deals.” 

We’ve already seen Pickens echoing a similar sentiment. And that’s where the financial trouble begins for Jones’ franchise. They are already paying Lamb $34 million per year under his four-year, $136 million extension from August 2024. 

“There isn’t a team currently paying two wide receivers over $30 million each,” ESPN analyst Louis Riddick said. “That doesn’t mean there shouldn’t be, and that there won’t be soon. This seems like a situation where it could happen.”

Despite the Cowboys agreeing to spoil both of their receivers, their current cap situation won’t allow that. As of February 12, they reportedly exceeded the salary cap by 66.8 million. Even with the projected league cap increase from $279.2 million to nearly $305 million, the team would need to do some restructuring to pull off a $120 million deal over four years.

Lastly, Pickens’ agent, David Mulugheta, and Jones reportedly share a rocky relationship. Mulugheta also represented Micah Parsons before Dallas traded him to Green Bay in August 2025. And it’s no secret that the contract negotiations went on for months and turned ugly. So, this personal dynamic could complicate negotiations further. Overall, all signs point to a negotiation that could test both sides before they reach a final decision.