The Dallas Cowboys have a way of turning a simple depth chart into a high-stakes soap opera. If you’re asking who the Cowboys QB is right now, in the early days of 2026, the short answer is Dak Prescott. He is still the guy. He’s the $240 million man, the franchise cornerstone, and the lightning rod for every sports talk radio caller from Frisco to Fort Worth.
But if you watched the Week 18 finale against the New York Giants just a few days ago, you saw a different face under center by the time the fourth quarter rolled around. That was Joe Milton III.
The Dak Prescott Reality Check
Dak just wrapped up a 2025 season that was, frankly, a statistical masterpiece and a team-wide frustration. He threw for 4,552 yards and notched 30 touchdowns against only 10 interceptions. In a vacuum? Those are MVP-caliber numbers. He actually entered the final week of the season leading the entire NFL in passing yards and completions.
The problem is the win-loss column. The Cowboys finished a dismal 7-9-1.
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Honestly, it wasn’t Dak's fault. The defense under Matt Eberflus—who Prescott seemingly took a "veiled jab" at in recent interviews—couldn't stop a nosebleed for most of the year. But in Dallas, the quarterback always takes the heat. Because the Cowboys were eliminated from playoff contention before the final whistle even blew, the team pulled Dak at halftime of the Giants game. It felt like a mercy rule.
Who is Cowboys QB Joe Milton III?
The name Joe Milton III might sound new if you haven't been obsessively following the practice squad reports. The Cowboys traded for him back in early 2025, sending a seventh-round pick to the New England Patriots. Basically, Jerry Jones and the front office saw a physical freak—6'5", massive arm, elite mobility—and decided he was the ultimate "lottery ticket" developmental project.
They cut ties with Cooper Rush (who eventually signed with the Ravens) and Trey Lance (now with the Chargers) to clear the path for Milton.
In that Week 18 loss to the Giants, Milton went 7-of-13 for 73 yards and a pick. Not exactly Hall of Fame stuff. But the hype around him is real because he represents "the future" at a time when fans are tired of the "now." He’s the guy who can launch a 70-yard bomb while standing on his knees. Whether he can actually read a complex NFL zone coverage is still a massive question mark.
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The $74 Million Elephant in the Room
We have to talk about the money. In 2026, Dak Prescott is scheduled to carry a salary cap hit of roughly $74 million.
That is an insane number. It’s the kind of number that prevents a team from signing top-tier free agents or fixing a leaky offensive line. Because of the way his contract is structured—with massive guarantees and no-trade clauses—the Cowboys are essentially "stuck" with him, for better or worse.
There’s plenty of chatter that Jerry Jones might try to restructure the deal again to clear about $30 million in cap space, but Dak holds all the leverage. He’s 32 years old. He knows his worth. And despite the 7-9-1 record, there isn't a single quarterback in the upcoming draft or free-agent market who gives the Cowboys a better chance to win right now.
Dallas Cowboys QB Depth Chart (Early 2026)
- Starter: Dak Prescott (#4)
- Primary Backup: Joe Milton III (#13)
- Reserve/Futures: (TBD following spring camp)
It's a weird room. You’ve got the veteran leader who produces elite stats but can't seem to get over the hump, and the young project with a cannon for an arm who is essentially a giant question mark.
Why the Trey Lance Experiment Failed
A lot of people are still asking about Trey Lance. To be blunt: it just didn't work. The Cowboys declined his fifth-year option in 2024, and after a preseason where he threw five interceptions in a single game against the Chargers, the writing was on the wall.
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Lance eventually signed a one-year deal with those very same Chargers in April 2025. Seeing him start for Jim Harbaugh's squad while the Cowboys struggled for depth was a bitter pill for some fans, but Milton’s ceiling is arguably higher if he can just settle down his footwork.
What Happens Next?
The Cowboys are entering a massive offseason. With a 7-9-1 record, they’ll have a top-15 draft pick. While some fans are screaming for a quarterback, the reality is that Dak Prescott will be the starter in Week 1 of the 2026 season. The focus will likely shift to finding him a more reliable running game—Javonte Williams did his best in 2025, but the explosive plays were few and far between.
Your move as a fan: 1. Watch the cap restructures: If the Cowboys don't lower Dak's $74M cap hit by March, they won't be able to sign any meaningful help on defense.
2. Monitor Joe Milton's progress: If he looks sharp in the 2026 preseason, the "bench Dak" chants will start the second Prescott throws his first interception in September.
3. Check the coaching search: With the 2025 season being a bust, the identity of the offensive play-caller will be just as important as who is taking the snaps.
Dak is the guy. For now. But in Dallas, "for now" can change with one bad Sunday.
If you're looking to track the salary cap implications, keep an eye on the official league year start in March 2026. That is when the Cowboys must decide if they are going to double down on Dak with a long-term extension or simply swallow the massive one-year cap hit and look toward a total rebuild in 2027.