The Dallas Cowboys just found the financial flexibility they desperately needed, and it came from two players already on the roster, setting the stage for Jerry Jones’ next big trade decision. While the team is still expected to restructure the contracts of Dak Prescott and CeeDee Lamb, they have already made moves with two major deals.

According to ESPN’s Todd Archer, Dallas restructured Terence Steele’s contract in a move that clears roughly $10 million in cap space. On top of that, restructuring Malik Hooker’s deal adds another $2 million in relief. Put together, the Cowboys freed up around $12 million in cap space on Monday.

Heading into the offseason, Steele was widely viewed as a potential cap casualty. The right tackle had signed a five-year, $82.5 million deal back in 2023. Under that structure, he was set to earn $48.5 million over the next three seasons.

But the latest restructure essentially changes that outlook.

Steele, through agent Erik Burkhardt of Roc Nation Sports, negotiated a new arrangement with Dallas. Under the updated terms, Steele will now receive $22 million in guaranteed money with a base value of $33 million, which could rise to $36 million depending on incentives.

There had been speculation that Steele could be released as a post-June 1 cut, a move that would have saved the Cowboys roughly $14 million. But with this restructure, he’s at least safe for the 2026 season.

Hooker’s situation followed a similar financial adjustment. The safety was originally scheduled to earn $7 million in base salary before Monday. With the new restructure, the Cowboys are lowering that base salary while adding incentives that could allow Hooker to earn more if he hits certain performance marks.

All of this signals that Jones has already started making key roster and financial decisions before the league year officially begins. Two of those moves came through contract restructures.

The third, meanwhile, arrived in the form of a major defensive trade.

Jerry Jones brings Rashan Gary to the Cowboys

Jerry Jones and the Cowboys have been looking for help at edge rusher ever since the franchise traded Micah Parsons to the Green Bay Packers. On Monday, it appears Dallas finally addressed that need.

According to Dianna Russini of The Athletic, the Cowboys have traded for Packers defensive end Rashan Gary in exchange for a fourth-round pick in the 2027 NFL Draft.

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Gary was scheduled to earn $19.5 million in 2026 and carried a cap hit of roughly $28 million for Green Bay. By trading him, the Packers will absorb $17.042 million in dead money. They’ll also be freeing up $10.9 million in cap space for 2026 and roughly $31 million in 2027.

For Dallas, however, the structure of the deal is relatively manageable. The Cowboys will take on Gary’s $19.5 million base salary (and bonuses) for the 2026 season, which is not guaranteed. Furthermore, they’ll also take on a potential $22.5 million cash payment in 2027. That puts the combined cap commitment at roughly $42 million across the next two seasons.

Gary arrives in Dallas after spending the first seven years of his career in Green Bay. During that stretch, he recorded 46.5 sacks and 270 combined tackles, while also earning a Pro Bowl selection in 2024. In the 2025 season, Gary started 15 games. In the process, he finished with 7.5 sacks, seven tackles for loss, and a forced fumble.

Now with the Cowboys, Gary will reunite with former Packers teammate Kenny Clark. More importantly, his arrival gives Dallas a much-needed boost in the pass rush, an area that lacked consistent production during the 2025 season.