Or do you wish to keep him? Or do you require a draft pick
I say keep him and pay what he wants along with maybe a 3 or 4 more year extension. There are no vets available that are better than him and there are not any draft picks that could produce better than him. He is a leader and the locker room loves him, plus I'm sure that he will, this time for sure, be in the best shape of his life. His stats are better than any QB the Cowboys have ever had and he sells the most jerseys, so that has to mean something.
The only problem is that he has to play with a bunch of low level players that he has to make up for, and that is a hard job for him, so, keep him as long as the Cowboys can because they will never find another like him.