Dallas Cowboys fans, breathe easy. Dak Prescott’s bank account, get excited.

Prescott and the Cowboys agreed Sunday to a four-year, $240 million extension, with a record $231 million guaranteed, resolving the team’s — and perhaps the NFL’s — biggest contract looming and keeping the star quarterback for the foreseeable future.

Before his team kicked off against the Cleveland Browns on Sunday afternoon, Cowboys owner Jerry Jones told Yahoo Sports’ Jori Epstein, “There’s a lot of people who think, hope, that Dak is the quarterback for the remainder of my tenure. And that’s not just limited to the terms of this contract. I have a lot of confidence in him.”

The deal, which will see Prescott earn $60 million annually, is the largest in NFL history, surpassing the $55 million per-season record set by Joe Burrow, Trevor Lawrence and Jordan Love. His $231 million guaranteed topped the previous record held by Deshaun Watson by $1 million.

Prescott and the Cowboys finalized the contract just hours before Dallas is set to kick off the 2024 season against the Browns in Cleveland. Prescott will also reportedly receive an $80 million signing bonus, breaking another record.

While the Cowboys’ playoff failures, which Prescott’s play contributed to, will remain a focus until they get over the hump, there was no choice but to sign him to a mega-deal. Quarterbacks as good as Prescott don’t come around often, and he’s played at an MVP level in 2023, completing 69.5 percent of his passes for 4,516 yards and 36 touchdowns with nine interceptions. He’s a three-time Pro Bowler who was named second-team All-Pro for the first time last season.

During training camp in mid-August, Prescott mused about a potential drop in free agency, Yahoo Sports reported:

Financially, things have certainly worked out well for Prescott, as he is now the highest-paid player in NFL history. This is Prescott’s second big payday in the NFL. He signed a four-year, $160 million contract in 2021, a deal that came with no-trade and no-franchise tag clauses, a move that helped him gain maximum bargaining power with the Cowboys entering this season.

Prescott’s deal comes on the heels of star forward CeeDee Lamb’s big win with a four-year contract extension worth $136 million, with $67 million guaranteed at signing.

The Cowboys’ next big negotiation is with star edge rusher Micah Parsons, who has a fifth-year club option worth $21.3 million for the 2025 season. Parsons, one of the NFL’s best defenders, will likely attempt to set a record for the league’s highest-paid defensive player. How the Cowboys balance these hefty salaries with the salary cap and field a competitive team will be a source of intense debate and analysis in the coming seasons.