--AdamJT13

With 48 players under contract for 2003, the Cowboys currently have $66,908,818 committed to the 2003 salary cap. But that is before the advent
of a number of factors that will increase or decrease Dallas’ cap number, such as future years of seven 2002 rookies’ contracts voiding, credits from
the 2002 cap, cuts or renegotiations for several veteran players and tenders given to exclusive-rights free agents, restricted free agents and possibly a
franchise free agent.

This breakdown is an attempt to spell out exactly where the Cowboys stand in regard to the 2003 cap and the cap effects of the various personnel moves
the team could make. The numbers themselves come from a league source and are precise as of Feb. 14, 2003; the interpretations of the numbers and the
various cap rules are mine and are correct to the best of my knowledge.

TEAM SALARY CAP BREAKDOWN

As I mentioned, the Cowboys’ current cap number for 2003 is $66,908,818. The following factors will change that:

Voided years — I am projecting that the voided years in the contracts of Roy Williams, Chad Hutchinson, Andre Gurode, Antonio Bryant, Derek Ross, Pete
Hunter and Tyson Walter will add a net $4,193,373 to the Cowboys’ cap number. By rule, the prorated signing bonuses from the voided years — a
combined $4,289,651 — will accelerate into 2002, and, after using the remaining $537,945 of 2002 cap space, will carry over into 2003. And Roy
Williams’ $5,300,000 option bonus proration will increase from $883,333 to $1,325,000 due to the reduced contract length. For convenience, I have
applied all of the accelerations to the 2003 cap and have considered the remaining 2002 cap space as a team cap credit for 2003. This has the same
effect as applying the accelerations to the 2002 cap and carrying the overrun into 2003.

Exclusive-rights free agents — The Cowboys have 19 EFAs, and I am projecting that they will give tenders to 16 of them. Troy Hambrick and Clint Stoerner
would get fourth-year tenders of $450,000. The following eight EFAs would get third-year tenders of $375,000: Jamal Brooks, Demetric Evans, Ken-Yon
Rambo, Lynn Scott, Reggie Swinton, Ross Tucker, James Whalen and Randal Williams. The following six EFAs would get second-year tenders of $300,000:
Dan Collins, Billy Cundiff, Keith Davis, Filip Filipovic, Louis Mackey and Colston Weatherington. I am projecting that the Cowboys will not give
tenders to Anthony Lucas or Jeremy McKinney for medical reasons, nor to Jermaine Jones. The total of the Cowboys’ 14 EFA tenders would be
$5,700,000, but the cap cost would be much lower due to the Rule of 51 (see below).

Restricted free agents — The Cowboys have two RFAs, and I am projecting that they will give tenders to both of them. I am projecting a First Round Tender
for Mario Edwards and an Original Draft Pick Tender for Michael Wiley. The values of RFA tenders have not yet been set by the NFL. By rule, they
increase each season by the same percentage that Designated Gross Revenues increase, up to a maximum of 10 percent. The current estimates are that DGR
will increase by 4.8 percent to 5.1 percent. Therefore, I am projecting that the value of Original Draft Pick and Right of First Refusal tenders will be
$592,000, and the value of First Round Tenders will be $1,290,000. The total of the Cowboys’ two RFA tenders would be $1,882,000, but the cap cost would
be lower due to the Rule of 51 (see below).

Franchise Free Agent — I am projecting that the Cowboys will not use a franchise tag this offseason, despite reports that Flozell Adams could be
franchised. If he is, his tender will be $5,734,000, according to ESPN.com’s Len Pasquarelli.

Rule of 51 — In the offseason, the only base salaries or tenders that count against the team salary cap are those of the players with the 51 highest cap
numbers on the team. Since Dallas has 48 players already signed, my projected 18 tenders would bring the Cowboys’ total to 66 players for 2003
counting against the cap. Therefore, the base salaries or tenders of the players with the 15 lowest cap numbers will not be counting against the cap.
Using my projection for tenders, the 51st-highest cap number would be $304,000. The 52nd-highest would be $300,000. So, the base salaries or
tender amounts of the 15 players with cap numbers of $300,000 or less would not count against the cap. The total of those amounts is $3,825,000.

Minimum salary increase — Any player whose base salary specified in his contract is lower than the minimum salary for a player of his experience
level is automatically given a raise to the minimum salary. For 2003, that applies to only one Cowboys player: Dwayne Goodrich. His contract calls for a base salary of $437,500, while the minimum for a fourth-year player is $450,000. Although he likely will be released, his cap number will be
included until he is released.

Here, then, is the breakdown of the Cowboys’ team cap, with my projected effects of the factors that will change the total:

Current cap number: $66,908,818 (includes $75,612 in dead money)
Added effect of voided years: $4,193,373
Added EFA tenders: $5,700,000
Added RFA tenders: $1,882,000
Added effect of minimum salary increase: $12,500
Added effect of Rule of 51: (minus-$3,825,000)
Projected cap number before cuts/renegotiations: $74,871,691

Also note that, other than the three NFL Europe players, each Cowboys player can earn up to $4,000 in workout bonuses this spring. For non-rookie players
who sign contracts in 2003, the $4,000 is included in their cap numbers and would be lowered if they fail to earn the entire amount. (Rookies who sign
after the draft will not earn workout bonuses in 2003.) For players who signed before 2003, the amounts they earn will not be added to their cap
numbers until after they’re paid. At the moment, these standard workout bonuses are not counting for 36 of the 45 non-NFL Europe players currently
under contract. Full workout bonuses for those 36 players would total $144,000.

The salary cap for 2003 hasn’t been set yet, but estimates are that it will be between $74,800,000 and $75,000,000. For this breakdown, I’ll use the
estimate of $75,000,000. As you can see, based on my projections above, the Cowboys would be under the cap by only $128,309 if they did not cut any
veterans or renegotiate any contracts. But there are plenty of opportunities to do both, thereby opening up millions of dollars under the cap. For
example, by releasing Emmitt Smith, Raghib Ismail, Robert Thomas, Jeff Robinson, Tony McGee and Dwayne Goodrich, the Cowboys would save $8,251,697
of cap room, leaving them a comfortable $8,380,006 under the cap entering the free-agent signing period. Or, just by cutting Emmitt’s salary to
$2,000,000, cutting Ismail’s salary to $1,000,000 and releasing Robert Thomas, Tony McGee and Dwayne Goodrich, the Cowboys would save $9,499,667,
leaving them $9,627,976 under the cap.

When determining the cap savings from releasing players, keep in mind the Rule of 51. When a player from the top 51 is released or traded, the base
salary of the player with the 52nd-highest cap number is added to the cap. For example, if Emmitt was released before June 1, his cap number would be
lowered by $4,850,800, although the actual team savings would be only $4,550,800 because, assuming the RFA and EFA tenders I projected, another
player’s $300,000 base salary or tender would be added to the team cap. Using my projections, the first six players released or traded would result
in a $300,000 salary being added; the next nine players would result in a $225,000 salary being added.

The Rule of 51 also applies when free agents are signed. If the free agent’s cap number is among the 51-highest on the team, the base salary of the
player whose cap number had been 51st-highest no longer counts against the cap. In most cases, then, the effect of signing a free agent will be
$300,000 less than his cap number for 2003. To determine about how much can be spent on free agents, add $300,000 to the team’s cap room per free agent
signed. So, if the Cowboys enter the free-agency period $8,000,000 under the cap, they could sign one free agent for a 2003 cap number of $8,300,000, or
two free agents for a combined cap number $8,600,000, or three for $8,900,000, or four for $9,200,000, and so on. To gauge what a free agent’s
first-year cap number might be, keep in mind that La’Roi Glover’s cap number for 2002 was $1,728,600. Some other top free agents who signed with new
teams last year and their 2002 cap numbers are as follows: Joe Johnson $1,734,232; Freddie Jones $1,708,466; Olin Kreutz $1,694,636; Jeremiah
Trotter $1,526,170; Keenan McCardell $1,250,000; Tony Parrish $1,127,520; Grady Jackson $902,520; Donnie Abraham $776,980; and Donnie Edwards
$776,080. As you can see, signing the players who were considered the best defensive tackle (Glover), best defensive end (Johnson), best tight end
(Jones), best center (Kreutz) and best safety (Parrish) available last year would have required only $6,493,454 of cap room (combined $7,993,454 cap
number, minus $1,500,000 due to the Rule of 51).At the time of the draft, the Cowboys figure to have far more than 51 players signed or tendered. They will not need any additional cap room in order to draft, since all of the draft choices’ automatic rookie tenders of $225,000 will be below the 51st-highest cap number on the team. The Cowboys’ 2003 rookie pool figures to be approximately $4,200,000, although the exact number will not be determined until after the draft. Of the rookie pool amount, only about $2,325,000 will count against the cap, due to the Rule of 51. Somewhere between $25,000 and $100,000 of that will be used immediately after the draft to sign Undrafted Free Agents. The rest won’t be needed until July, when the draft choices are signed.

PLAYER-BY-PLAYER SALARY CAP DETAILS

This list of the 48 Cowboys under contract for 2003 includes their contract length, cap number, base salary, prorated signing bonuses and other amounts
counting against the cap, along with the effects of releasing or trading those players whose status seems to be in doubt for salary-cap reasons. The
players are listed in order of their current cap number:

1. EMMITT SMITH, RB (signed through 2005)
Current cap number: $9,806,600
Base salary: $7,000,000
Prorated signing bonuses: $2,806,600
If cut on or before June 1: Would count $4,955,800, saving $4,850,800
(actual savings would be $4,550,800 due to the Rule of 51).
If cut after June 1: Would count $2,806,600, saving $7,000,000 (actual
savings would be $6,700,000, due to the Rule of 51). Would count another
$2,149,200 in 2004.
If takes pay cut to minimum salary of $755,000: Would count $3,565,600
(including $4,000 workout bonus), saving $6,241,000.
Note: Contrary to some reports, there is no rule to prohibit Emmitt or any
other player from accepting a pay cut of more than 30 percent.

2. LARRY ALLEN, OL (signed through 2007)
Current cap number: $8,060,999
Base salary: $4,000,000
Prorated signing bonuses: $4,060,999
If traded: Would count $12,294,331, costing $4,233,332 more than if kept
(actual cost would be $4,533,332, due to the Rule of 51).

3. JOEY GALLOWAY, WR (signed through 2006)
Current cap number: $6,640,714
Base salary: $4,855,000
Prorated signing bonus: $1,785,714
If traded: Would count $7,142,856, costing $502,142 more than if kept
(actual cost would be $802,142, due to the Rule of 51).

4. RAGHIB ISMAIL, WR (signed through 2005)
Current cap number: $4,938,885
Base salary: $4,000,000
Prorated signing bonus: $938,885
If cut on or before June 1: Would count $2,816,655, saving $2,122,230
(actual savings would be $1,822,230 due to the Rule of 51).
If cut after June 1: Would count $938,885, saving $4,000,000 (actual savings
would be$3,700,000, due to the Rule of 51). Would count another $1,877,770
in 2004.
If traded: Can’t be traded; has a no-trade clause.
If takes pay cut to minimum salary of $755,000: Would count $1,697,885
(including $4,000 workout bonus), saving $3,241,000.

5. KEVIN HARDY, LB (signed through 2006)
Current cap number: $3,780,000
Base salary: $2,475,000
Prorated signing bonus: $300,000
Other: $1,005,000 prorated option bonus due Feb. 28
Note: Becomes a free agent if $5,025,000 option bonus is not paid by Feb.
28. Would then count $1,200,000, saving $2,580,000 (actual savings would be
$2,280,000, due to the Rule of 51). His prorated option bonus charge of
$1,005,000 for 2002 would be credited to Cowboys’ cap in either 2002 (if
option is renounced before Feb. 28) or 2004 (if option is not paid on Feb.
28). A credit to 2002 would reduce the team cap hit in 2003 from accelerated
bonuses for voided years in 2002 rookies’ contracts. One course of action
the Cowboys could take is to renounce the option, then sign Hardy to the
same contract terms, except with the $5,025,000 as a signing bonus. That
would give the Cowboys the cap credit for the $1,005,000 they were charged
in 2002 for the option bonus and would save a net $749,750, even though
Hardy’s cap number would increase to $4,035,250. A smaller signing bonus
and/or base salary would save even more cap room.

6. LA’ROI GLOVER, DT (signed through 2006)
Current cap number: $3,675,000
Base salary: $2,475,000
Prorated signing bonus: $1,200,000

7. DEXTER COAKLEY, LB (signed through 2006)
Current cap number: $3,416,666
Base salary: $2,500,000
Prorated signing bonus: $916,666
If traded: Would count $3,666,664, costing $249,998 more than if kept
(actual cost would be $549,998, due to the Rule of 51).

8. DARREN WOODSON, S (signed through 2006)
Current cap number: $2,800,000
Base salary: $1,000,000
Prorated signing bonus: $800,000
Other: $1,000,000 roster bonus due on Feb. 28
If cut before Feb. 28: Would count $3,200,000, costing $400,000 more than if
kept (actual cost would be $700,000, due to the Rule of 51).
If cut between Feb. 28 and June 1: Would count $4,200,000, costing
$1,400,000 more than if kept (actual cost would be $1,700,000, due to the
Rule of 51).
If cut after June 1: Would count $1,800,000, saving $1,000,000 (actual
savings would be $700,000, due to the Rule of 51). Would count another
$2,400,000 in 2004.

9. GREG ELLIS, DE (signed through 2003)
Current cap number: $2,776,318
Base salary: $1,405,000
Prorated signing bonuses: $1,371,318

10. DAT NGUYEN, LB (signed through 2007)
Current cap number: $1,958,333
Base salary: $1,625,000
Prorated signing bonus: $333,333
If traded: Would count $1,666,667, saving $291,666 (would actually cost
$8,334, due to the Rule of 51).

11. ROY WILLIAMS, S (signed through 2008; through 2006 after voids)
Current cap number: $1,821,428
Base salary: $366,667
Prorated signing bonus: $571,428
Other: $883,333 prorated option bonus
Note: Final two years of contract will void based on playing-time
incentives. His cap number will increase to $3,405,955 ($366,667 base
salary, $571,428 prorated signing bonus, $1,142,860 accelerated signing
bonus and $1,325,000 prorated option bonus).

12. ROBERT THOMAS, FB (signed through 2003)
Current cap number: $1,432,000
Base salary: $1,000,000
Prorated signing bonus: 100,000
Other: $332,000 roster bonus due on March 14 and $425,000 in Not Likely To
Be Earned incentives (which don’t count against the cap until they’re
earned).
If cut before March 14: Would count $100,000, saving $1,332,000 (actual
savings would be $1,032,000, due to the Rule of 51).
If cut after March 14: Would count $432,000, saving $1,000,000 (actual
savings would be $700,000, due to the Rule of 51).

13. EBENEZER EKUBAN, DE (signed through 2003)
Current cap number: $1,420,000
Base salary: $530,000
Prorated signing bonus: $705,000
Other: $185,000 reporting bonus at start of training camp.
If cut or traded before training camp: Would count $705,000, saving $715,000
(actual savings would be $415,000, due to the Rule of 51).
If cut or traded after reporting bonus has been paid: Would count $890,000,
saving $530,000 (actual savings would be $230,000, due to the Rule of 51).

14. JEFF ROBINSON, TE/DS (signed through 2005)
Current cap number: $1,312,500
Base salary: $1,100,000
Prorated signing bonus: $212,500
If cut on or before June 1: Would count $637,500, saving $675,000 (actual
savings would be $375,000, due to the Rule of 51).
If cut after June 1: Would count $212,500, saving $1,100,000 (actual savings
would be $800,000, due to the Rule of 51). Would count another $425,000 in
2004.

15. TONY MCGEE, TE (signed through 2004)
Current cap number: $888,333
Base salary: $755,000
Prorated signing bonus: $133,333
Other: $100,000 in Not Likely To Be Earned incentives.
If cut on or before June 1: Would count $266,666, saving $621,667 (actual
savings would be $321,667, due to the Rule of 51).
If cut after June 1: Would count $133,333, saving $755,000 (actual savings
would be $455,000, due to the Rule of 51). Would count another $133,333 in
2004.

16. CHAD HUTCHINSON, QB (signed through 2008; through 2004 after voids)
Current cap number: $804,714
Base salary: $300,000 (guaranteed)
Prorated signing bonus: $504,714
Other: $375,000 in Not Likely To Be Earned incentives.
Note: Final four years of contract will void based on playing-time
incentives. His cap number will increase to $2,390,572 ($300,000 base
salary, $504,714 prorated signing bonus and $1,585,858 accelerated signing
bonus).
If traded: Would count $2,595,286, costing $204,714 more than if kept
(actual cost would be $504,714 due to the Rule of 51).

17 QUINCY CARTER, QB (signed through 2005)
Current cap number: $700,333
Base salary: $389,000
Prorated signing bonus: $311,333
Other: $195,300 NLTBE roster bonus. Cap number would increase to $895,633 if
paid.
If cut or traded before roster bonus is due: Would count $902,333, costing
$6,700 more than if kept and roster bonus paid (actual cost would be
$306,700, due to the Rule of 51).
If traded after roster bonus has been paid: Would count $1,097,633, costing
$202,000 more than if kept (actual cost would be $502,000, due to the Rule
of 51).
If cut after June 1: Would count $506,633, saving $389,000 (actual savings
would be $89,000, due to the Rule of 51). Would count another $591,000 in
2004.

18. DWAYNE GOODRICH, CB (signed through 2003)
Current cap number: $687,500
Base salary: $437,500
Prorated signing bonus: $250,000
Note: Base salary must increase to fourth-year minimum of $450,000. Cap
number will increase to $700,000.
If cut: Will count $250,000, saving either $437,500 or $450,000 depending on
whether base salary has increased to proper minimum (actual savings would be
either $137,500 or 150,000, due to the Rule of 51).

19. TONY DIXON, S (signed through 2004)
Current cap number: $644,000
Base salary: $389,000
Prorated signing bonus: $255,000

20. ANDRE GURODE, OL (signed through 2008; through 2005 after voids)
Current cap number: $590,553
Base salary: $340,625
Prorated signing bonus: $249,928
Note: Final three years of contract will void based on playing-time
incentives. His cap number will increase to $1,340,341 ($340,625 base
salary, $249,928 prorated signing bonus and $749,788 accelerated signing
bonus).

21. MARKUS STEELE, LB (signed through 2003)
Current cap number: $479,000
Base salary: $389,000
Prorated signing bonus: $90,000

22. ANTONIO BRYANT, WR (signed through 2008; through 2005 after voids)
Current cap number: $439,285
Base salary: $300,000
Prorated signing bonus: $139,285
Note: Final three years of contract will void based on playing-time
incentives. His cap number will increase to $857,140 ($300,000 base salary,
$139,285 prorated signing bonus and $417,855 accelerated signing bonus).

23. MATT LEHR, OL (signed through 2003)
Current cap number: $430,333
Base salary: $389,000
Prorated signing bonus: $41,333

24. DALEROY STEWART, DE (signed through 2004)
Current cap number: $407,750
Base salary: $389,000
Prorated signing bonus: $18,750

25. JAVIAR COLLINS, OL (signed through 2003)
Current cap number: $399,000
Base salary: $389,000
Prorated signing bonus: $10,000

26. JOHN NIX, DT (signed through 2003)
Current cap number: $395,000
Base salary: $309,000
Prorated signing bonus: $6,000

27. DEREK ROSS, CB (signed through 2008; through 2004 after voids)
Current cap number: $374,571
Base salary: $300,000 (split salary $145,000)
Prorated signing bonus: $74,571
Note: Final four years of contract will void based on playing-time
incentives. His cap number will increase to $672,858 ($300,000 base salary,
$74,571 prorated signing bonus and $298,287 accelerated signing bonus).

28. JAMAR MARTIN, FB (signed through 2008)
Current cap number: $339,142
Base salary: $300,000 (split salary $145,000)
Prorated signing bonus: $39,142
Note: Can earn playing-time incentives in 2003 to void final four years of
contract.

29. RALPH HUNTER, DB (signed through 2008; through 2004 after voids)
Current cap number: $313,142
Base salary: $300,000 (split salary $145,000)
Prorated signing bonus: $13,142
Note: Final four years of contract will void based on playing-time
incentives. His cap number will increase to $365,716 ($300,000 base salary,
$13,142 prorated signing bonus and $52,574 accelerated signing bonus).

30. TYSON WALTER, OL (signed through 2008; through 2004 after voids)
Current cap number: $310,607
Base salary: $300,000 (split salary $145,000)
Prorated signing bonus: $10,607
Note: Final four years of contract will void based on playing-time
incentives. His cap number will increase to $353,036 ($300,000 base salary,
$10,607 prorated signing bonus and $42,429 accelerated signing bonus).

31. WILLIE BLADE, DL (signed through 2003)
Current cap number: $304,000
Base salary: $300,000 (split salary $145,000)
Other: $4,000 workout bonus

32. DERRIUS MONROE, DE (signed through 2003)
Current cap number: $304,000
Base salary: $300,000 (split salary $145,000)
Other: $4,000 workout bonus

33. RON MOORE, DT (signed through 2003)
Current cap number: $304,000
Base salary: $300,000 (split salary $145,000)
Other: $4,000 workout bonus

34. WOODY DANTZLER, RB (signed through 2003)
Current cap number: $300,000
Base salary: $300,000

35. JEFF GRAU, DS (signed through 2004)
Current cap number: $300,000
Base salary: $300,000 (split salary $145,000)

36. MARQUES MCFADDEN, OL (signed through 2003)
Current cap number: $300,000
Base salary: $300,000

37. JASON MCKIE, FB (signed through 2003)
Current cap number: $300,000
Base salary: $300,000

38. BOB SLOWIKOWSKI, TE (signed through 2005)
Current cap number: $300,000
Base salary: $300,000 (split salary $145,000)

39. KURT VOLLERS, OL (signed through 2004)
Current cap number: $300,000
Base salary: $300,000

40. ENNIS HAYWOOD, RB (signed through 2003)
Current cap number: $234,000
Base salary: $225,000 (split salary $130,000)
Prorated signing bonus: $5,000
Other: $4,000 workout bonus

41. DEVEREN JOHNSON, WR (signed through 2003)
Current cap number: $234,000
Base salary: $225,000 (split salary $130,000)
Prorated signing bonus: $5,000
Other: $4,000 workout bonus

42. DAVE VOLK, OL (signed through 2003)
Current cap number: $234,000
Base salary: $225,000 (split salary $130,000)
Prorated signing bonus: $5,000
Other: $4,000 workout bonus

43. MARKESE FITZGERALD, CB (signed through 2003)
Current cap number: $232,000
Base salary: $225,000 (split salary $130,000)
Prorated signing bonus: $3,000
Other: $4,000 workout bonus

44. MICHAEL HAWKES, LB (signed through 2003)
Current cap number: $232,000
Base salary: $225,000 (split salary $130,000)
Prorated signing bonus: $3,000
Other: $4,000 workout bonus

45. RICK SHERROD, S (signed through 2003)
Current cap number: $232,000
Base salary: $225,000 (split salary $130,000)
Prorated signing bonus: $3,000
Other: $4,000 workout bonus

46. KEVIN DERONDE, DE (signed through 2003)
Current cap number: $226,600
Base salary: $225,000 (split salary $130,000)
Other: $1,600 workout bonus

47. JOE JOHNSON, OL (signed through 2003)
Current cap number: $226,600
Base salary: $225,000 (split salary $130,000)
Other: $1,600 workout bonus

48. DUSTIN KEITH, OL (signed through 2003)
Current cap number: $226,600
Base salary: $225,000 (split salary $130,000)
Other: $1,600 workout bonus