There’s been a lot of talk about what the Dallas Cowboys will do at the receiver position this offseason. While there’s a great divide on what the team should do with Dez Bryant, there’s a fairly unanimous opinion that Dallas should find an upgrade over Terrance Williams. No matter where he ends up on the depth chart, though, Williams’ contract should keep him on the roster in 2018.
Last offseason, Terrance signed a four-year, $17 million deal to stay in Dallas. Because we are now just in the second year of that deal, it is cost prohibitive against the salary cap to release or trade him.
Williams is scheduled to count $4.75 million against the 2018 cap. If Dallas were to cut him, it would accelerate his remaining guaranteed money and create $7.25 million in dead money this year. He would cost more against the cap off the roster than on it.
Even the June-1st provision doesn’t help. Williams’ dead money in 2018 drops to $4.75 million, which is a net zero against his existing cap hit. It would also push $2.5 million of dead money to 2019. There’s no benefit there, and you lose an experienced player who knows your system.
If the Cowboys do like their WR depth enough to want to move on from Terrance, one option is to try to trade him. A trade would lower the cap penalty to $3.75 million and save $1 million. If he’s traded after June 1st, it would save $3.5 million against this year’s cap.
Of course, it takes two to tango in this scenario. Williams hasn’t scored a touchdown since 2016 and has never proven he can take on a significant role in an offense. He was serviceable when Dez Bryant and Jason Witten commanded more attention, but he’s a low-end WR2 at best and many teams likely wouldn’t want him in their top 2-3 receivers.
Perhaps something could happen during training camps or preseason, when injuries may make other teams desperate. Then again, something could happen in Dallas that makes them less willing to part with Terrance.
As it stands, it seems unlikely that Terrance Williams won’t be a Cowboy in 2018. And really, that’s not bad thing.
Even if he gets pushed down the depth chart, Terrance would be a good insurance policy against injuries or any other issues that could happen between now and September. $4.75 million is more than you’d like to pay your fourth WR but it’s a one-year problem.
If the Cowboys do add more WR talent this offseason, there is a trickle-down effect that strengthens the entire club. Williams, with his experience, is an upgrade over Brice Butler as the fourth receiver.
Therefore, unless circumstances both here and elsewhere allow Dallas to find a trade partner, Terrance Williams should be back next year.