Dallas Cowboys edge rusher Micah Parsons' price just went up.

On Thursday, Pittsburgh Steelers star T.J. Watt put pen to paper on a three-year, $123 million extension that made him the highest-paid non-quarterback in football by average annual value. The deal's AAV surpassed the contract the Cleveland Browns handed to Myles Garrett, whose extension truly reset the market by coming in nearly $5 million more per year than the previously leading edge rusher.

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Parsons, presumably, is next.

It's too late for Dallas. Parsons is going to earn over $40 million per year on his extension. He's one of the five best edge rushers on the planet, a homegrown star, and worth every penny. But Parsons has been eligible for an extension since the end of his third NFL season.

In the year since, several high-profile non-quarterbacks have had their day in the market-setting sun.

The Cowboys will pay Parsons. They have to! It's hard to imagine Dallas getting a godfather offer for the right to pay a young star. The most likely outcome, by far, is an extension getting done at some incredible price. Cowboys fans will happily accept that, regardless of what it means for the team's cap health.

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Nevertheless, Dallas will be paying him more than it would have had he been paid earlier. And as Jones prepares to cut a massive check, another opportunity has emerged.

Cowboys' Micah Parsons gets $45 million contract update

Guard Tyler Smith, a two-time Pro Bowler and a 2023 second-team All-Pro, is one of the best offensive linemen in football. He's proficient in the pass and run game, has found success at left tackle and (more so) left guard, and outside of a minor penalty issue, is incredibly polished for a young lineman.

Smith is a successful first-round pick. The Cowboys have already accepted his fifth-year option. The time is now to sign him to a long-term extension, whether the price surpasses fellow left guard Landon Dickerson ($21 million per year) or right guard Trey Smith ($23.5 million). At the very least, such a signing would prevent him from being paid like an elite left tackle, which might be the case if an injury forces him outside.

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More importantly, signing Smith locks in an elite talent for the long haul. A four-year deal that kicks in after his fifth-year option could pay him $24 million through the 2030 season. As the cap increases, that's a deal that would look increasingly like a bargain as it ages.

Or, of course, Jones can stick to his typical playbook. Dallas can wait until Quenton Nelson, Elgton Jenkins, and Pete Skoronski all get paid, too. It would be a familiar sight for Cowboys fans who have grown used to extension sagas creating monitor burn from the bottom ticker of ESPN or NFL Network. Dallas can get ahead of itself -- for once -- and make the financially responsible choice.

Smith is entering his age-24 season. The Cowboys have the chance to sign him through his prime at a reasonable rate. He's missed a total of four games across three seasons and is well-respected both in Dallas and around the league. Smith plays a relatively high-value position and plays an important role in keeping Dak Prescott healthy.

Decisions like these don't get much easier. If Smith is willing to sign, there's no reason a deal shouldn't get done by Week 1.

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