Since i highly doubt we go into next season with that high cap number, i see only 3 real options
1. Trade him - very unlikely due to the no trade clause and don't really see many qb needy teams giving up the picks and new contract
2. Dak lowers his cap by taking less money - even more unlikely cuz nobody does that anymore
3. We extend him - most likely and we're stuck with him another 4 years
I think if they told Dak there was going to be a true QB competition all year next year, or he can be traded I think he might just accept a trade a place he wants to go. would a team he wants to go to trade for him? Maybe, but the Cowboys shouldn't expect to get a haul for him. I can see a 2nd and a 3rd for him.
The problem with extending him is you already know who Dak is. You can structure it however you want, eventually the bill is owed and the Cowboys will be worse off then they are now. If he won't take a true competition or a trade, you cut him, designate it after June 1st. Save 31 million on the cap this year (and eat 25 million). Save 25 million on the cap next year and eat 25 million. There are options that can be done, the problem is Jerry will have to be able to sell it, he won't do it if he can't sell it. But, on the other hand, how the heck do you justify giving him a big extension, when if they would have just not given it to him 4 years ago, they would have a new QB in their system already. They made a mistake on the first contract, they need to own it and not double down. But, Jerry doesn't usually do that, or Stephen for that matter.