Watch Now: What's Next For Dak Prescott and Cowboys (6:44)

The July 15 deadline has come and gone, and the Dallas Cowboys could not come to terms on a contract extension with their quarterback Dak Prescott. The two-time Pro Bowler will play out the 2020 season on the exclusive franchise tag, which will pay him $31.4 million. Despite failing to agree to terms on an extension, Prescott told Jori Epstein of USA Today that he "couldn't be happier," and is looking forward to next season.

"I'm a Cowboy and couldn't be happier," Prescott said. "I look forward to working along with Coach McCarthy, the staff and my teammates to be the best team we can be in pursuit to our goal of a Super Bowl."

While the Cowboys and Prescott were not consistent in their talks this offseason, Jane Slater of the NFL Network reported on Wednesday afternoon that Dallas did made a last-minute offer to extend Prescott. The deal would have reportedly paid him between $33-35 million annually with $110 million guaranteed. The contract also would have included a $50 million signing bonus and $70 million over the first two years. Now, the two sides will have time to regroup before they meet again at the negotiating table. 

Last month, CBS Sports' Patrik Walker reported that there had not been any traction in talks since mid-spring, and there were several reasons for that. One, the passing of Prescott's brother caused both sides to take a pause, and the quarterback had also turned his focus to social injustice -- offering up half of his 2019 salary to promote equality. It was assumed that Prescott and the Cowboys would enter talks again in July, but that apparently did not happen until it was too late. 

Prescott is coming off of a 2019 campaign in which he put up career numbers all across the board, as he passed for 4,902 yards, 30 touchdowns and 11 interceptions in 16 games. Despite this, the Cowboys disappointed with an 8-8 record -- which is the worst season Dallas has recorded with Prescott under center. Still, the Cowboys have maintained that Prescott is the future at quarterback. 

As CBS Sports contracts and salary cap expert Joel Corry mentions, the longer the Cowboys wait to lock up Prescott, the more costly it's probably going to be. Patrick Mahomes got his money earlier this month and Deshaun Watson is on deck to reset the market. Either way, Prescott is apparently content and ready to move forward.