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Cowboys find more cap space with Elliott release, veteran restructurings

The Dallas Cowboys said goodbye to former NFL rushing champion Ezekiel Elliott while accruing more cap space by altering the contracts of a couple of veterans.
Credit: AP
Dallas Cowboys running back Ezekiel Elliott (21) celebrates with his teammates after safety Juanyeh Thomas (40) intercepted a pass during an NFL preseason football game against the Seattle Seahawks, Friday, Aug. 26, 2022, in Arlington, Texas. Dallas won 27-26. (AP Photo/Brandon Wade)

DALLAS — As the NFL league year officially began, the inevitable happened: The Dallas Cowboys released running back Ezekiel Elliott.

The departure was described as a parting of ways as the two sides both agreed that it was best to move on, but the Cowboys were never going to bring Elliott back for an eighth season at close to $17 million.

It’s a bittersweet day for the franchise, who drafted Elliott fourth overall in the 2016 draft and used him as their workhorse over the last seven years. It’s also likely a difficult day for Elliott himself, as he became the Cowboys' third leading rusher all-time during his tenure.

Although the decision to draft him so highly was hotly debated, Elliott’s passion and production was among the best in the league during his stay in Dallas.

Jerry Jones made his admiration for Elliott known in an emotional goodbye statement.

Releasing Elliott frees up money for the Cowboys to build around their increasingly expensive quarterback Dak Prescott. In addition to Elliott’s exit, Dallas also went about restructuring the deals of veterans DeMarcus Lawrence and Tyron Smith on Wednesday.

Lawrence, who signed an extension just over a year ago, had $13.35 million of his $15 million salary in 2023 transformed into a signing bonus which saves the Cowboys $8.89 million against the salary cap. Meanwhile, left tackle Smith’s deal was restructured to give Dallas even more space.

After releasing Elliott, and restructuring the contracts of Lawrence, Smith, Prescott, Zack Martin and Michael Gallup, the Cowboys have worked to get under the $16.1 million dollar cap deficit that they had to reach by Wednesday’s official new league year. The maneuvering should give the Cowboys an additional $45 million in cap room to work with.

Ultimately, for Elliott, the writing was on the wall. With the team up against the salary cap, releasing the former All-Pro RB became an easy decision. Elliott has been in decline during the last few seasons and the team has a better option waiting in the wings. Tony Pollard is set to take over the running back reins, and he’s become what Elliott used to be for the offense.

With Elliott’s buffet closed in Dallas, it is Pollard who will be counted on to churn out big plays and act as the playmaker from out of the backfield who can score anytime he touches the ball.

Last season, Elliott had his fewest yards rushing since he entered the league (876), as well as the lowest career yards per carry of his career at 3.8 yards. He was also injured and missed two games in 2022, after grinding through a 2021 season where he played with a PCL tear.

However, Elliott was still able to score 12 touchdowns in 2022, as a reliable goal line option. Elliott always had a nose for the end zone, scoring double-digit touchdowns in four of his seven seasons.

The Cowboys now move on with Pollard, who surpassed the 1,000-yard mark for the first time in his career last year, despite 38 fewer carries than Elliott as Elliott continued to get the first snaps each week. The fifth-year RB from Memphis has also averaged at least 5.2 yards per carry in three of his four seasons in Dallas.

When the team used its franchise tag on Pollard at $10.1 million, there was no way that they could keep both RBs on the roster. Tying up close to $27 million for a position where most teams are going cheaper, was not an option. The Cowboys chose the younger, quicker, more explosive player, even though Pollard is coming off a broken leg suffered in late January.

The Cowboys could also bring Elliott back later in free agency if he doesn’t find a suitor for his services, but the team still has second-year free agent RB Malik Davis to pair with Pollard. Also expect the team to draft an RB fairly high in April to cover themselves in 2024 and beyond.

It was a great run for Elliott, whose first four years with the Cowboys were among the best for an RB in the league. He led the NFL in rushing twice, was a two-time All Pro, three-time Pro Bowl player, and topped 1,300 rushing yards three times. However, injuries and time caught up to Elliott, who had too much wear and tear on his body.

It’s a new era in the backfield for the Cowboys, and it won’t include Ezekiel Elliott.

Do you think the Cowboys will be able to make good use of the fresh cap dollars? Share your thoughts with Ben on Twitter @BenGrimaldi.

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