The Cowboys went through the entire 2024 off-season with barely any CAP space. The Cowboys made I believe one move to clear about $5 million in CAP space by restructuring Dak's contract. That was before they extending him restructuring again.
But they could have done a few things to clear CAP space. They didn't. That was deliberate. And that is what they will do again in 2025, most likely. I think Jerry did not sign CeeDee and Dak in March because he wanted the lack of CAP room as an excuse for not going "all in". Just my opinion.
In 2025, as of now, the Cowboys have about $23 million in CAP space, but only have 40 players signed. They will need to sign another 13 players complete the roster. Some of those will be draftees, some will be free agents. But that $23 million will go quickly without even signing any higher end free agents.
They can create more space by restructuring Dak. I wouldn't be they can. They can restructure CeeDee as well and they probably will. They can extend Micah and save even more CAP space. How much CAP room this creates will depend on how aggressive they want to be in mortgaging the future. But if 2024 is any indication of the future, none of these deals will get done before free agency ends. In other words, we will not see a lot of free CAP space in Dallas, I don't think. They will clear just enough to put together a roster.
But let's assume Jerry is aggressive and clears $100 million as some people have suggested. Why? Jerry is not going to sign high priced free agents because that would be an admission his was wrong in the past. He will keep the free CAP space low enough so he can use it as an excuse not to sign anyone.