ESPN reports the extension is worth $128 million, with a max value of $144 million and a record of more than $107 million guaranteed.
On the new money, Prescott is looking at $30 million or more per year. Prescott, who is entering the final year of his rookie deal, recently said his representatives responded with a counteroffer.
The path to a new deal will have some bumps - they always do - but it is now a little more clear for both the Cowboys and Prescott to get to that destination.
So, it's fair to wonder, who's the better quarterback: Prescott or Wentz?
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The Cowboys will put their faith in Prescott eventually, perhaps during training camp or before the 2019 regular season begins. Most important, he has two NFC East titles, two playoff appearances and one playoff victory. Prescott won 2016 NFL Offensive Rookie of the Year.
Wentz's career totals are 40 starts, 23 wins, 70 passing touchdowns, 28 interceptions, 10,152 yards, a 63.7 completion percentage, 92.5 passer rating, 542 rushing yards and two rushing touchdowns. High-priced players like wide receiver Alshon Jeffery, linebacker Nigel Bradham, defensive end Brandon Graham, defensive tackle Malik Jackson and tight end Zach Ertz could be effected by the blockbuster contract, as the Eagles will need to maintain cap space while still paying their franchise quarterback.
He earned Pro Bowl honors after the 2017 season, but sat through the team's Super Bowl run after suffering ACL and LCL tears in Week 13. Nick Foles took over and led the team to the Super Bowl from there.
If Wentz can stay healthy, he'll be worth the money.
Wentz's deal didn't only affect Dallas, several quarterbacks are in similar situations.