MARKET BOOM: Does Jaxon Smith-Njigba's New Contract Impact George Pickens And The Cowboys?

Summary

Podcast Summary: Locked On Cowboys – MARKET BOOM: Does Jaxon Smith-Njigba's New Contract Impact George Pickens And The Cowboys?

Date: March 24, 2026
Hosts: Marcus Mosher & Landon McCool

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Episode Overview

In this episode, Marcus and Landon break down how Jaxon Smith-Njigba's record-setting contract with the Seattle Seahawks could impact George Pickens’ ongoing contract saga with the Dallas Cowboys. They analyze what this new wide receiver market means for Pickens’ negotiations, the Cowboys’ options moving forward, and broader roster construction ramifications given potential huge salaries for wideouts. They also forecast how the rapidly changing wide receiver market might affect the Cowboys’ decisions at the 2026 NFL Draft and beyond.

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Key Discussion Points & Insights

Jaxon Smith-Njigba’s Landmark Contract

• Smith-Njigba (JSN) just signed a "record-setting deal" at $42.5 million/year in new money starting in 2028 ([01:04]).
• Marcus clarifies the full context: the contract is really $32.5 million/year total when factoring the rookie deal and option years; the $42.5M refers to new money ([03:48]).

Notable Achievement Context

• JSN is the reigning NFL Offensive Player of the Year and a Super Bowl champion. He’s two years younger than George Pickens and has consistently performed at an elite level ([02:14]–[03:19]).

Does JSN’s Deal Set the Market for George Pickens?

• Public Perception: Some are saying Pickens should now ask for $38–$40 million/year. Others think JSN’s deal doesn’t really move the needle for Pickens ([01:00]).
• Landon’s Take:
  • The deals are not direct comparables: “JSN is in a different category... what that means for adding up in the bank account for Pickens is—obviously he had a really great year last year... but JSN has been producing at an insanely high level.” ([02:14])
  • Pickens deserves “wide receiver one type money” but JSN is a “layer or level above” ([03:19]).
• Factors Limiting Pickens’ Leverage:
  • Pickens had an “all-pro caliber season,” but last year “he was available for a third-round pick and nobody wanted to pay it.”
  • Marcus: “There’s more baggage with Pickens than there is with JSN... There are more question marks.” ([03:48])

Franchise Tag Dynamics

• The Cowboys likely won’t pay Pickens more than CeeDee Lamb, who’s been highly consistent:
  • “I still have a hard time believing that the Cowboys are going to pay him more per year than CeeDee Lamb... Lamb has been consistent on and off the field.” ([06:01])
• Landon suggests Pickens will fall somewhere around the top of market—but not at JSN’s stratospheric level:
  • "It's anywhere from 33 to, what is it, 38 at the top end. I think that's probably... the range." ([07:34])

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Cowboys’ Options and Strategies

Should Dallas Pay Two WRs Top Dollar?

• Marcus throws out hypothetical: Pickens’ camp wants $38–$39M/year. That’s potentially $73–$74 million per year on just Lamb and Pickens. Is that viable? ([09:56])

Landon’s Response

• Advocates patience:
  • “I think you have to let it play out a little bit longer... I don't think it's clear what George Pickens' valuation is.” ([10:38])
  • "If the worst-case scenario is that we're making him do it one more time before paying him more money, that's really comfortable behavior for us.” ([11:28])
• Cowboys will likely let Pickens play under the franchise tag and re-evaluate after the season.

Market Volatility and Risk

• Marcus points out the timeframe is key:
  • “Once July 15th comes, if the Cowboys and Pickens don’t sign a long term deal, there’s nothing that can happen. He’s gotta play.” ([12:44])
  • Notes there’s more risk involved than the Cowboys’ previous negotiating standoffs (like with Micah Parsons).

Potential for Pickens’ Value to Rise

• If Pickens puts together another All-Pro season, he could be the highest-paid WR next year, especially with a WR-friendly market on the rise:
  • Marcus: “If he has another all-pro season, I would not be surprised at all if at this time next year he's the highest paid wide receiver in the league.” ([13:37])
  • Landon: “He could be pushed into a unicorn position of getting paid if he puts up another year like he had last year... He has a real opportunity to be paid like the number one wide receiver in the entire NFL if he goes out and repeats it again.” ([14:03])

Outside Variables: Draft and Other Contracts

• The hosts note the 2026 draft could alter things—if Dallas lands a top receiver prospect, leverage shifts ([14:48]).
• Puka Nacua’s upcoming deal will likely reset the market even higher and could render Pickens’ ask more reasonable ([07:44], [14:48]).

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Notable Quotes & Memorable Moments

• Marcus, on Pickens’ baggage:
  • “There’s more baggage with Pickens than there is with JSN... He’s not late for meetings. And this isn't me trying to stick up for Stephen Jones and Jerry Jones. It’s just the fact of the matter.” ([03:48])
• Landon, on value disparity:
  • "If JSN was put on the non-exclusive franchise tag, I feel like teams would be all over him. I don't think that's what we've seen so far with George Pickens." ([05:21])
• Marcus, on CeeDee Lamb as a price anchor:
  • “I just don't know if the Cowboys are ever going to come to a number where it's over what CeeDee Lamb's getting paid.” ([06:12])
• Landon, on waiting and risk:
  • "If the worst case scenario is that we're making him do it one more time before paying him more money, that's... behavior we've done before, much to our own chagrin. But maybe in this case that sort of cautious behavior will be beneficial to them." ([11:28])
• Marcus, on Pickens’ market scenario:
  • “There’s just way too much risk there compared to like what Micah [Parsons] was.” ([13:09])
• Landon, on Pickens making his fortune:
  • “He could be pushed into a unicorn position of getting paid if he puts up another year like he had last year and he's like, yes, this is the new version of George Pickens and you got to pay for it.” ([14:03])
• Closing thought:
  • Marcus: “If Puka Nacua... gets 43 million again, if you just wait one more year, you go to every meeting on time, you have a big season, you put up a bunch of points in the Cowboys offense... I don't think it's unrealistic to think he could get 44, 45 million dollars a year next year.” ([14:48])

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Key Timestamps

| Timestamp | Content | |-----------|----------------------------------------------------------------| | 01:04 | JSN’s contract announcement and baseline market discussion | | 02:14 | Landon's take on JSN–Pickens not being direct comps | | 03:48 | Breakdown of the real contract figures and character concerns | | 05:21 | Discussing franchise tag & perceived market demand for each WR | | 06:01 | Cowboys’ maximum budget for WRs and CeeDee’s deal as the anchor| | 07:34 | Speculation on Pickens’ possible contract range | | 09:56 | Should Dallas even consider paying two WRs $73M+ per year? | | 10:38 | Landon: Why the Cowboys prefer patience and caution | | 12:44 | The hard deadline and negotiating tightrope | | 13:37 | Market shifting—Pickens could be highest paid WR next year | | 14:03 | Risks, unicorn payouts, and potential for future negotiations | | 14:48 | Nacua’s deal looming; Draft variables; final thoughts |

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Summary & Flow

The hosts take the audience inside the tense dynamics of a changing wide receiver market, evaluating specifics of JSN’s and Pickens’ careers, reputational differences, statistical outputs, and each player’s leverage. The Cowboys’ likely approach is to exercise patience: let Pickens play under the franchise tag for now, avoiding a premature mega-deal that could disrupt their cap structure, especially with CeeDee Lamb’s deal serving as a market floor. If Pickens shows back-to-back elite seasons, the team and player can revisit with perhaps even more money at stake, but only after more certainty is established.

For Cowboys fans and NFL contract watchers, this episode gives an inside look at big-money negotiations, risk management, and the ripple effects of blockbuster deals across the league.

Transcript

[Marcus Moser]

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Best mobile network on analysis by ugle of speed test intelligence data 2H 2025 bigger network. The combination of T Mobile's and US cellular network footprints will enhance the T mobile network's coverage price guarantee on talk text and data exclusions like taxes and fees apply. Ctobile.com for details. Jackson Smith and Jigba just signed a record setting deal. We'll tell you what that means for George Pickens next. You are Locked on Cowboys, your daily Dallas Cowboys podcast, part of the Locked on podcast network your team every day. Welcome back. I am your host Marcus Moser. He is Lana McCool. And on today's show we are discussing George Pickens because Jackson Smith at Jigba, the number one receiver for the super bowl winning Seattle Seahawks just signed a new contract worth 42 and a half million per year in new money starting in 2028, I believe. And there's a lot of people wondering how this is going to affect George Pickens. I saw some people on the radio today saying that now Pickens should be asking for 38, 39, 40 million a year. There's other people think that this doesn't change anything for Pickens. Where do you stand?

[Landon McCool]

I mean, I think it has some effect, but I, I don't think it has very much. I mean, you know, Jackson Sith and Jigba was, is in a different kind of cate category as far as where he was being paid. I mean he's, I think he's the reigning NFL offensive player of the year if I'm not mistaken. You know, just won the Super Bowl.

[Marcus Moser]

You know, he's led the NFL and receiving yards.

[Landon McCool]

Yeah, he, and he's produced well. Yeah. And, and I don't even know that we should go by that because Pickens had quite a bit of, of receiving yards. Right. But the, but, but Jackson Smith, the Jigba has been producing at an insanely, insanely high level since he got drafted in the league. And he's two years younger than Pickens. So, so he's, he's kind of in a different category I think as far as potential and, and what that means for adding up in the, in the bank account I think for Pickens is, you know, obviously he had a really great year last year. Obviously he's going to get paid a lot of money. You know, he had not as high, but he had very, very high number of receiving yards that was I think probably in top five right. Receiving yards in the NFL.

[Marcus Moser]

Yep.

[Landon McCool]

So, so yeah, I, I think that Pickens is certainly in the conversation for being paid a wide receiver one type money wide receiver one like you know, relative to your team. But I don't know that like I mean what Jackson Jigba did right now in the 26 season I think puts him at the tippy top of, of talented wide receivers and he got paid like that. And I think it's still a, a layer or level above what I would expect Pickens to get. Yeah.

[Marcus Moser]

So we should first of all mention that it's really 32 and a half million dollars total, although over the length of his new contract because he still had one year left on his rookie contract plus the fifth year option and that was factored into the deal. So that's two years for I believe 26 and a half million. And then it's the new money that hits which is 42 and a half million. And if George Pickens wants to sign a like a six year deal right now worth 42 and a half million or sorry, 32 and a half million per year total. Cowboys would sign up for that in a heartbeat. Right. But I don't think Pickens is probably going to want that. He's going to want more money right off the bat. And I just, I keep coming back to the fact that he had an all pro caliber season this year at the same time. He was available at this time last year for a third round pick and nobody wanted to pay it. Right. Does that mean his value has gone up since then? Of course it has. But he was also much cheaper this year or last year than he was right now. And I don't think he is as clear cut of a signing as JSN because JSN is, has been a role model on and off the field. He's not late for meetings. And this isn't me trying to stick up for Stephen Jones and Jerry Jones. It's Just kind of the fact of the matter, like there's more baggage with Pickens there than there is jsn. So I don't know if the best receiver in the NFL or the highest paid receiver in the NFL really has a big impact here. I could be totally wrong, but that's, that's just how I feel.

[Landon McCool]

I, I think we could put it this way. Right. If JSN was put on the non exclusive franchise tag, teams would be like, I feel like teams would be all over him. Right. And I don't, I don't think that's what we've seen so far with George Pickens being on the non exclusive tag himself. So, you know, yeah, I do think that there is some separation between where these two guys are in their careers at this point.

[Marcus Moser]

Now if Pickens wanted to do a deal where it's like, hey, 26 million this year, 32 million next year, because that's what the franchise tag would pay you and then we'll add on new money and maybe it's closer to 40 million a year after that. I think the Cowboys would be open to that. But I don't think just because JSN got 42 and a half million in new money that the Cowboys are suddenly, or, I mean, I know the Cowboys aren't going to give him now $40 million per year. Like that just doesn't make any sense. And I, I still have a hard time believing that the Cowboys are going to pay him more per year than CD Lamb when CD Lamb has been five. Was it six straight thousand yard seasons? He's been consistent on and off the field. I, I just don't know if the Cowboys are ever going to come to a number where it's over what CD Lamb's getting paid.

[Landon McCool]

Yeah, I mean, I, I think it's probably, I, I think that it's probably around that number. Right. Like whether it's on the other side of that one.

[Marcus Moser]

You think it's, do you think it's multiple millions over that number?

[Landon McCool]

No, I, I think, I think it's. If it's over, it's probably just over. I, I think it's just right around that number. I, I just think that that's, you know, the, the, I don't know that that's the start of the negotiation or anything, but I think that considering the fact that CD was being paid at the top of his market at the time that he was getting that deal, Pickens is now worthy of that same level a year on. Right. Like, which is fine. I think that makes sense. I think that's just like an appropriate level where, because to me it views it like, you know, JSN is at the top level now, Right. And Pickens is at a level beneath or maybe a level and a half beneath that. Right. So I think that's probably right in the range of what we're talking about. So, yeah, I, I think, you know, it's anywhere from 33 to, what is it, 38 at the top end. I think that's probably, you know, the range.

[Marcus Moser]

All right, so let's talk about what the Cowboys should do now that JSN got his new deal and Puka Nakua is only going to beat it. Next we'll talk about. We'll talk about their options next. This episode is brought to you by Turbo Tax. It's tax time. But for a lot of us, the old ways of doing taxes is a lot. Trying to book an appointment that's not the most convenient. Sitting in a waiting room with a stack of papers, emailing back and forth, wondering if they really get your situation. But this year you're getting a major upgrade. Intuit TurboTax now has in person locations nationwide. You can meet face to face with a real tax expert and get your documents uploaded straight to the TurboTax app on the spot. And just like that, you're done. Your TurboTax expert works to get you every dollar that you deserve. While you get real time notifications as you go about your day. It's the relief of walking in and meeting with a real person and walking out knowing that your taxes are being handled right. So head over to turbotax.com local to find a store near you and book your appointment today. This episode is brought to you by Robin Hood. What if sports were traded like markets? Now you can put your sports IQ to work in real time with Robinhood Prediction markets. It's not you against the house. It's you participating in a live market. You can buy or sell your positions. Live all game long. Use your sports knowledge in the moments that matter. Robin Hood Prediction Markets changes the game. It's people moving the action so when the momentum shifts, you can move with it. I've always known the game, but I'd never had a dynamic way to apply that knowledge. Now I can actually take part live in a market that is powered by the people. You're no longer just a spectator. Play by play, you decide. Trade every play with Robin Hood now available across the U.S. download the Robin Hood app now to begin futures in cleared swap trading involve significant risk and is not appropriate for everyone. Event contracts are offered by Robin Hood Derivatives llc, a registered futures commission merchant and swap firm. Welcome back to the Lockdown Cowboys podcast. We are discussing George Pickens and knowing now what we know about JSN's contracted. Let's assume for a minute that David Mulaguetta and George Pickens's agency, they want it to be, let's say 38, 39 million a year. And that's kind of their sticking point. What do you do if you're the Cowboys? Do you let George Pickens play on the franchise tag and all the troubles that come with it? Do you explore a trade? Does it even make Sense to pay two receivers? Would that be 70, 73, 74 million a year? What say you?

[Landon McCool]

I, I think you have to let it play out a little bit longer. I mean, I, we don't know what's being offered, we don't know what's being asked, so it's tough to know. And I also, and I think part of what makes this difficult is part of the reason that the Cowboys use the non exclusive tag is that I don't think it's clear what, what, what George Pickens valuation is. I mean, I just gave you a range of $5 million and I, and it's a real shot in the dark, I mean, to be honest. So I think that, you know, there's a, a lot of very specific circumstance surrounding his situation. I don't think anybody anticipated, including the Cowboys, that he would have the kind of season that he had last year. I, you know, I think part of it is that the Cowboys are looking at this situation and they go, listen, if the worst case scenario is that we're making him do it one more time before paying him more money, that's, that's really comfortable behavior for us. We, we've done that before, much to our own chagrin. But maybe in this case that sort of cautious behavior will be beneficial to them. Maybe it exposes that he can't, he can't maintain for another season. Maybe it, it go as planned as well. And then you got a really great receiver for, you know, pennies on the dollar of what, what his value is because you were able to use the non exclusive tag, which, I mean it was, didn't save you that much. But I mean ultimately franchise tag is saving you money. If he, if he puts up a year like he had last year or something similar, you would be saving money based on the valuation of what he did. So I, I, I think it's it's hard to kind of, it's hard to feel comfortable for either side. Right. Because it's, there's just a lot of uncertainty here. And I think for the Cowboys, you know, they're, I think they're probably just hoping that Pickens will either come to the table and negotiate with them a little bit or at least see their side of it and say, okay, we'll play one year on the, on the, the, the franchise tag. But then I'm obviously getting an entire bag at the end of this.

[Marcus Moser]

I think the Cowboys and David Mulligetter are walking a really tight tightrope here. And the reason why is this is not like the Micah Parsons situation where there was no hard deadline. Like, once July 15th comes and if the Cowboys and Pickens don't sign a long term deal, there's nothing that can happen. Like he's gonna play on the franchise tag. Right. He can put up a stink, you know, and not go up and, you know, practice and do mini camps and all that kind of stuff, but kind of once we get past that date, he's got to play. And I think the other part of it is once we get through the draft and let's say the Cowboys aren't thrilled about giving him a long term deal. It's not like I don't think David Mulligata can pull out the same kind of antics that he did with Micah last year and get another team to give up two first round picks and pay him 40 million because there's just way too much risk there compared to like what Micah was. And that's why I, I just ultimately think it's Dak Prescott and CD Lamb want him here. I think David Malaguetta and George Pickens wouldn't mind one more year to see how things go. And if he has another all pro season, Landon, like, I would not be surprised at all if at this time next year he's the highest paid wide receiver in the league. I, I just wouldn't be surprised if they play this thing out.

[Landon McCool]

Yeah, I mean, look, I, I kind of think like you said, that they, they probably should, you know, and, and I know that David Mulaguetta doesn't like his players playing on the franchise tag and I know that players don't like playing on the franchise tag, but he has a real opportunity to be paid like the number one wide receiver in the entire NFL if he goes out and repeats it again because he did have that kind of impressive year and he is a rare body type. Right. And so I think he would be. He could be pushed into a unicorn position of getting paid if he puts up another year like he had last year and he's like, yes, this is the new version of George Pickens and you got to pay for it. I think that's a possibility. The question is, will he do it? And will he, you know, put up a stink? Will he self destruct because he had to play on the franchise?

[Marcus Moser]

Well, and if Puka Dukua, who's eligible for a contract if he gets 43 million again, if you just wait one more year, you go to every meeting on time, you have a big season, you put up a bunch of points in the Cowboys offense. I don't think it's unrealistic to think he could get 44, 45 million dollars a year next year. We'll see what happens. We'll see what the draft brings because maybe the Cowboys draft the receiver at 12 that they don't think is going to be there and that changes the angles here on the entire situation. We'll see. It'll be a fun one to watch. That is it for today's show. We'd like to thank you for making Locked on Cowboys your first listen every single day. If you never miss an episode, the everyday club is built for you. Get locked on Cowboys ad free members only, discord access and so much more. Head over to locked on cowboys.supercast.com to join the club. And for those of you on video, we can send you the first ever 24. 7 national NBA YouTube channel. And on audio, make your second listen the locked on NFL Draft podcast. Follow Landon on Twitter @mccoolbcb. I'm arcus underscore Moser. We'll see you right back here tomorrow.

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