Breaking: The Dallas Cowboys decide to offer Tennessee quarterback Nico Iamaleava a four-year, $120 million deal.

In a stunning development that has sent shockwaves through the NFL, the Dallas Cowboys have made a bold and historic move by offering Tennessee quarterback Nico Iamaleava a four-year, $120 million deal. The offer, unprecedented for a player who has yet to play a single down in the NFL, reflects a seismic shift in quarterback valuation and speaks volumes about how highly the Cowboys view the young signal-caller.

This decision by Jerry Jones and the Cowboys’ front office comes amid growing uncertainty at the quarterback position in Dallas and a deepening commitment to reshaping the franchise’s identity. But the move is not just about one player—it marks a turning point for the NFL and college football alike.

Nico Iamaleava, the former five-star prospect and crown jewel of Tennessee’s 2023 recruiting class, has been widely regarded as one of the most physically gifted quarterbacks to enter the college ranks in years. Standing at 6-foot-6 and weighing 215 pounds, Iamaleava possesses elite arm strength, uncanny pocket awareness, and the dual-threat ability that has become a hallmark of modern NFL quarterbacks.

While still early in his collegiate career, Iamaleava’s flashes of brilliance during his freshman campaign and an electric spring game performance in 2025 were enough to convince scouts, analysts, and now the Dallas Cowboys that his ceiling may surpass even the most hyped prospects in recent memory.

What makes this move historic is not just the $30 million annual average value (AAV) of the deal, but the fact that it was offered before Iamaleava even entered the NFL Draft. The Cowboys are clearly betting on potential rather than production, an approach rarely seen at this level and never executed at such a financial scale.

The Cowboys’ decision to offer Iamaleava this kind of deal is already being dissected by NFL insiders and sports talk pundits across the country. With current starter Dak Prescott entering the final year of his contract and coming off a disappointing playoff exit, many had speculated about the long-term direction of the franchise. Some expected Dallas to pursue a veteran via trade or dip into the 2026 draft class. Few, if any, foresaw this kind of aggressive overture to a college quarterback.

NFL Network’s Ian Rapoport commented shortly after the news broke:

“This is the boldest quarterback move I’ve seen in two decades. Dallas is bypassing the traditional draft-and-develop route. They see Nico as their future, and they’re willing to pay him like a proven star.”

Former NFL GM Mike Tannenbaum weighed in on ESPN:

“The risk here is astronomical. If Nico busts, it sets the Cowboys back years. But if he hits? You have a 21-year-old superstar under contract at a number that could be considered a bargain in just a few seasons.”

The most immediate ripple effect of this blockbuster offer is the future of Dak Prescott. The two-time Pro Bowler has been the face of the Cowboys for nearly a decade, amassing over 29,000 career passing yards and leading Dallas to multiple playoff appearances. However, Prescott’s postseason struggles and hefty cap hit have increasingly drawn criticism from fans and media alike.

This new move by the Cowboys could effectively end the Dak era in Dallas. Sources close to the team have confirmed that Prescott was not informed of the offer beforehand, a clear indication that the front office is preparing for a full pivot at quarterback.

If the deal with Iamaleava is finalized, Prescott could be traded or allowed to walk in free agency next offseason. Teams like the Raiders, Falcons, and Patriots would likely line up for his services. But for now, his position in Dallas appears tenuous at best.

The legality of the offer has sparked debate, as NFL teams cannot officially sign college players unless they declare for the draft. However, this deal appears to fall under the umbrella of a “pre-draft agreement,” a mechanism similar to what is used in the NBA for elite international prospects.

Sources indicate that the Cowboys’ offer is structured to activate upon Iamaleava’s declaration for the 2026 NFL Draft. It includes performance incentives, an unprecedented signing bonus in the neighborhood of $40 million, and a guarantee structure that rivals that of Lamar Jackson and Deshaun Watson.

NFLPA officials have expressed concern over the precedent this sets, but the deal appears to be within the league’s current framework.

“This is the Wild West,” said one NFL agent. “What Dallas is doing could open the floodgates for college players to leverage their future value in ways we’ve never seen before.

Back in Knoxville, Tennessee fans are reeling. Iamaleava was expected to lead the Volunteers into SEC contention this fall and potentially compete for a Heisman Trophy. Now, his future is in limbo as the financial reality of Dallas’ offer may prove too powerful to resist.

Vols head coach Josh Heupel issued a brief statement:

“Nico is an incredible talent and a tremendous young man. We support him in whatever decision he makes for his future, but obviously, we want him to stay in Knoxville and finish what he started.”

If Iamaleava accepts the deal and leaves Tennessee early, it would represent the first time a college player opted out of school mid-career for an NFL deal structured outside the draft. The NCAA has not yet commented, but experts say this could provoke major changes to eligibility rules and athlete compensation guidelines.

“This could be bigger than NIL,” said Paul Finebaum. “We are potentially watching the NFL steal a quarterback out of college without a draft. If this stands, it’s a revolution.”

For Jerry Jones, this is not just a personnel move—it’s a legacy play. The longtime Cowboys owner has long chased a return to Super Bowl glory, and after nearly three decades of frustration, he is signaling that the time for conservative decisions is over.

Jones has always favored high-profile quarterbacks, from Troy Aikman to Tony Romo to Prescott. But this move dwarfs them all. In Nico Iamaleava, Jones sees not just a player, but a brand—a quarterback who could redefine the franchise’s future.

Jones told reporters at an impromptu press conference:

“We believe in Nico’s talent, leadership, and vision. This isn’t just about football—it’s about the Dallas Cowboys taking the future by the horns. We want to be the innovators. We want to win.”

As the news spreads, Iamaleava’s representatives have confirmed the Cowboys’ offer and issued a carefully worded response.

“We are grateful to the Dallas Cowboys for their belief in Nico’s abilities and future. While this is a unique and unexpected development, Nico and his family will take the necessary time to consider all options and make the best decision for his future—on and off the field.”

Sources say Iamaleava is “stunned but excited,” and has not yet made a decision. His NIL valuation already ranks among the highest in college football, with deals tied to energy drinks, athletic wear, and cryptocurrency firms. But the Cowboys’ deal eclipses anything available in the college space—even at powerhouse SEC programs.

If Iamaleava accepts the deal, he would forfeit his remaining college eligibility and begin preparing for NFL training camp immediately. The Cowboys could assign him to a developmental role, similar to how Kansas City handled Patrick Mahomes, or throw him into a quarterback competition with Prescott—if he’s still on the roster.

The implications of this move are vast:

• For Dallas: It signals a total overhaul of the quarterback strategy, banking on upside over experience.
• For Tennessee: It could derail a promising 2025 season and set a dangerous precedent for future top recruits.
• For the NFL: It opens Pandora’s box for pre-draft free agency and elite underclassmen receiving direct pro-level offers.
• For the NCAA: It creates a crisis moment, as its power to retain talent is now challenged not just by NIL money, but by NFL dollars directly.

The Cowboys’ offer to Nico Iamaleava is more than a contract—it’s a declaration of war on the status quo. It represents a philosophical shift in how NFL teams view team building, talent acquisition, and even the structure of the draft itself. Whether it results in championships or chaos remains to be seen.

For now, all eyes are on Iamaleava. Will he stay in Knoxville and cement his legacy at Tennessee? Or will he take the leap of faith and become the NFL’s first college signee in a new era of professional football?

One thing is certain: the Dallas Cowboys have set a new standard for risk, ambition, and belief in potential. And the sports world may never be the same again.