$31.4 million is what Dak will make this year under the franchise tag should he and the Dallas Cowboys not come to a long-term agreement. $37.7 million (minimum) is what a second franchise tag will cost the Cowboys to keep him. In total, that is $69.1 guaranteed for two years or an average of $34.55 million per year.
The Cowboys have offered him a deal in the range of $35 million/year (on par with Russell Wilson) with over $100 million in guaranteed money. The issue doesn't appear to be the money, however.
Dak is looking for a shorter deal. He wants a four-year deal while the Cowboys want to lock him up for five. The TV deals for the NFL are up for renewal in 2022. When this happens, the salary cap is expected to skyrocket which is why Dak wants a shorter deal.
Tuesday on In The Zone, Mike Ginnitti from Spotrac.com explained why Dak won't mind two straight franchise tags, "Two franchise tags; not only are they not cap friendly, they're extremely cash friendly. They're all about the player when you're the quarterback so he's probably pretty stuck on that right now being double tagged and following the Kirk Cousins path which has worked out pretty well for him so I think it could happen for Dak."
To me, either the Cowboys aren't completely sold on Dak or Dak isn't completely sold on being a Dallas Cowboy. Regardless, after two franchise tags, he will enter unrestricted free agency at the age of 28. Franchise quarterbacks rarely ever hit unrestricted free agency which will make him one of the most coveted free agents in history.
If he hits free agency, I don't expect No. 4 to be a member of America's Team. All this fuss over one year, Dak is following in the footsteps of former Washington and current Vikings quarterback Kirk Cousins. Cousins played two consecutive years on the franchise tag before signing a three-year fully guaranteed deal with Minnesota.
In four years, Dak has 40 wins over that span, two division titles, and two pro bowls. Last year he threw for 4,902 yards and 30 touchdowns (both career highs) but Dallas fell short of their third division title under Dak.
Who knows what the options would be in Big D should Prescott leave via free agency. Currently, Andy Dalton is the backup but he was only signed to a one-year deal.