Free agency opens in less than 24 hours, and the NFL just handed Jerry Jones a head start. Before the bidding war begins, Jones and his front office have received a quiet but useful gift. For the Cowboys, it could be the kind of leverage that shapes how Dallas builds its roster this spring.

On Monday, March 9, the NFL announced its 2026 compensatory pick allocations, 33 selections distributed among 15 teams. Out of that pool, the Cowboys walked away with two fifth-round picks (177th and 180th). 

The league awards compensatory picks annually to teams that lost more qualifying free agents than they signed in the previous offseason. The Cowboys qualified because they lost six compensatory free agents during the 2025 offseason. The two biggest departures driving the formula were Jourdan Lewis and DeMarcus Lawrence. 

However, Dallas nearly lost these picks altogether. During the last season, Javonte Williams logged enough snaps to enter the compensatory formula as a qualifying signing. As more free-agent additions met the formula’s criteria, the math that had Dallas in line for two picks started to collapse. 

But as the dust has settled, the Cowboys have come away with both fifth-rounders intact, and Jerry Jones now has more to work with than he did a week ago. However, it’s familiar territory for Jones. 

Dallas has been one of the sharpest teams in the league when it comes to working the compensatory pick formula. The Cowboys are the second franchise in league history to earn the most compensatory picks at 60. That’s just four less than the Ravens at 64. 

Last year, Dallas received four compensatory picks and put all of them to work. They used two of them to trade for Kaiir Elam from Buffalo and Joe Milton from New England. The other two helped them trade up on draft day to select Shemar James. 

With these two new additions, the Cowboys now hold eight total picks heading into the upcoming draft. That includes two first-rounders at No. 12 and 20. The draft capital is impressive on paper. But it comes against the backdrop of a 7-9 season that exposed just how far Dallas still needs to go. 

The Cowboys finished dead last in the league in points allowed and ranked 30th in yards allowed. The defense was so broken that it single-handedly buried the team’s playoff hopes. Jerry Jones has been pushing hard this offseason to fix it, and to do that, the Boys are leaning into a strategy they have not relied on often, one Jones himself has made the centerpiece of his offseason approach.

Jerry Jones is ready to spend, but Dallas has a cap problem

As free agency opens, Jones and the Cowboys are preparing to be aggressive. Dallas has spent three decades chasing a Super Bowl title, and Jerry Jones is not ready to accept another near miss.

“I really can’t accept just the thought of winning one Super Bowl, and then what?” Jones said. “I’ve got more time on my clock than that in my mind.”

The ambition is real, but the financial picture is complicated. Right now, Dallas sits roughly $11.48 million over the cap, third last in the league. Still, Jones is optimistic. 

“I would bet that we will spend more money in free agency than we have,” Jones added.

However, the Cowboys do not have the cash to splash on the open market, but now they do have the draft picks to make big moves. 

To free up room, Jones is expected to focus on restructuring the contracts of the players carrying the heaviest cap hits on the roster. Dak Prescott sits at over $43.5 million, the highest cap number on the team. CeeDee Lamb checks in at $19.82 million, the sixth-highest.

Quinnen Williams, Kenny Clark, and Osa Odighizuwa are also in the mix for potential restructuring conversations. Moving those numbers could create enough breathing room to make meaningful additions.​

However, the franchise tag placed on George Pickens has added pressure. His cap hit has jumped from $1.68 million per year to $27.29 million for the upcoming season. Still, it will be interesting to see what Jones cooks up heading into free agency.