The Dallas Cowboys lost six compensatory free agents in 2026 but only gained four, effectively putting them on the brighter side of the compensatory picks the league offers its teams every year. However, how Jerry Jones works with these picks will affect their 2026 rebuild, considering that the projections don’t exactly align with his plans.

Heading into the 2026 offseason, Jones knew the writing on the wall: improve the defense. He is also willing to “borrow from the future” if need be. But just hours before the free agency, the league announced news that may or may not be music to his ears.

Monday evening, 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). Now, they may not be the best picks. It is still good news, however, as the Cowboys were projected to receive fifth- and sixth-round picks, but the compensation math trended in an upward trajectory for them after their offseason moves. But here’s the pickle.

If reported projections are to be believed, both picks may be offensive players. Some believe that running back Adam Randall out of Clemson may be the 177th pick. He is expected to be a good backup with potential to become a starter down the line with some improvements. With Javonte Williams signed for the next three years on a $24 million deal, though, it is highly unlikely that Jones will go with Randall if he comes at that pick. Pick No. 180 doesn’t aid much either.

Tight end Dae’Quan Wright out of Ole Miss is projected by some as the Cowboys’ second compensatory pick. The TE room doesn’t have the best showing for Dallas, but giving their two-time Pro Bowler Jake Ferguson an extension on his rookie contract in 2025, the Cowboys put enough faith in the 27-year-old.

He certainly improved from his last season. It is also highly unlikely that Jones will push for Wright at this position, even if they have previously proven that draft numbers and being a compensatory pick don’t speak for the potential. Dak Prescott would be a fair example for this. Instead, Jones might look to move the draft capital to get players that can help the Cowboys now:

“I don’t know that I’d expect it, but we have the ammunition to be good at it,” Jones said at the NFL Combine. “And I wouldn’t hesitate to be good at it if it will help our team and help the timeline that we’re talking about.”

The two departures driving the compensation formula were Jourdan Lewis and DeMarcus Lawrence. However, Dallas nearly lost these picks altogether. But now, they can use their experience to form a roster for today.

The Cowboys know how to influence the compensatory pick math

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, behind the Ravens’ 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 as Dallas solves its 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 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 has been complicated. “I would bet that we will spend more money in free agency than we have,” Jones added.

Thankfully, he found a way to dig himself out of the cap space hell.

The Cowboys were third last in the league when it came to cap space entering the offseason. Dak Prescott, Tyler Smith, and CeeDee Lamb restructured their contracts in February to ease the accounts for Dallas by a whopping $66 million. Dak Prescott sat at over $43.5 million, the highest cap number on the team. CeeDee Lamb checked in at $19.82 million, the sixth-highest.

Still, the Cowboys needed more help. It came soon in defensive tackle Kenny Clark.

He was acquired in 2025 and held a $11 million roster bonus. Today, the Cowboys turned it into a signing bonus, creating $8.8 million in cap space. The team further made moves on Monday.

Terence Steele’s new deal creates $13 million in cap space, while Malik Hooker’s resturtucred the final year terms add $2 million in cap space for 2026.

It is unlikely that Jones will restructure any more contracts, especially now that he has draft capital to exchange for. 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.