After the 2025 season wrapped up, there was an enormous question mark over George Pickens’ future. After much drama, the Dallas Cowboys offered Pickens the unrestricted franchise tag. It was thought to be the end of the saga. But the latest reports claim that there’s so much more left between the WR and the Cowboys, indicating a potential fallout between the two. Now, the situation is getting back to square one, with Pickens’ wish being at the center of it.

“The two sides haven’t had any real contract extension talks…” said podcaster Tom Downey on March 22, via X. “The Cowboys are at least posturing, like they are willing and or straight up want George Pickens to play on the franchise tag. Pickens’ agency, Athletes First… They don’t like their players on the franchise tag. There are limited long-term benefits to doing so. If there is no deal done by the July 15th deadline, I do think we run the risk of a training camp holdout for George Pickens. It wouldn’t technically be a holdout because he hasn’t signed that franchise tag yet.”

Following the 2025 season, Pickens’ rookie contract expired, and he was headed towards free agency. Speculations were running high surrounding a long-term contract, especially after the performance he displayed last season.

The WR recorded a career-high 1,429 receiving yards and nine touchdowns in 93 receptions. He expressed his desire to extend his stay in Dallas. However, the Cowboys’ cap space posed a problem to that thought.

The Cowboys were already over the cap at that point. They did make some changes later, but a long-term contract would mean them spending it all on one player. Jones also did not want to part ways with the Pro Bowler. As a result, he agreed to offer him the franchise tag.

It ensured that Pickens would wear the large blue star on his helmet for another year and get $27.3 million in base salary. Unfortunately, he has not signed the franchise tag yet. He is probably still holding out for that long-term contract.

July 15th is the trade deadline. As per Downey, if they do not agree by then, Pickens could hold himself out of training camp. In the summer of 1993, Jones and former running back Emmitt Smith did not see eye to eye regarding a contract issue. As a result, Smith did not attend training camp and held out for the first two games.

That time, the Cowboys were coming off a Super Bowl-winning season, and they lost both their games without Smith. Ultimately, Jones and Smith agreed on a $13.6 million contract. A similar situation seems to be brewing in Dallas. While the problems seem to be mounting, Pickens’ agent could pose another issue for the Cowboys owner.

Jerry Jones may have to deal with David Mulugheta again

Although the Cowboys have offered George Pickens the franchise tag, he remains a free agent, considering he has not signed it yet. But the longer he holds out, the more problems it could create. The Athletes First agency represents the All-Pro wide receiver, and David Mulugheta is his agent. Mulugheta and Jones have a history, and not a good one.

Mulugheta represented Micah Parsons. Last year, the agent played a major role in Parsons leaving the Cowboys for the Green Bay Packers. The same agent now works for Pickens, too. With another contract situation at hand, there is always a possibility of history repeating itself. But this time, things are more interesting. Pickens earned his first All-Pro and Pro Bowl selection after last year’s performance.

Thanks to those elite numbers, people predicted him to demand somewhere around $140 million. It seemed a good amount considering CeeDee Lamb is under a $136 million contract. Unfortunately, the Cowboys had a horrendous defense last season. For the first time in history, they gave up over 500 points in a regular season, and ranked 30th in total defense (377 YPG). Likewise, they are willing to spend big bucks on defense. Spending so much on Pickens restricts them from getting players for the defense.

On the other hand, Mulugheta is an excellent agent. He will try to get the best deal for his client. And in this regard, the best means the worst for Jones. With the reports pointing towards another meeting with his old enemy, it remains to be seen how the owner addresses the situation. Will Pickens agree to play under the franchise tag, or is there something else waiting for him in the future? Regardless, everything needs to be sorted out before July 15th.