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'We're all overpaid,' Cowboys owner Jerry Jones says after signing Ezekiel Elliott to massive deal

Key Points
  • The Cowboys announced Wednesday morning that they had signed star running back Ezekiel Elliott to a contract extension.
  • "He's got a big heart. Now he's got a thick pocket book too," Jerry Jones, the team's owner, says.
  • Elliott had been holding out of the team's training camp in search of a new deal, as the Cowboys' key offensive players are poised to get more expensive.
VIDEO2:2402:24
Dallas Cowboys owner Jerry Jones on Ezekiel Elliott's contract extension

Dallas Cowboys owner Jerry Jones said a contract extension for star running back Ezekiel Elliott, despite its hefty price tag, is in line with other contracts around the National Football League.

The Cowboys announced Wednesday morning that they had signed Elliott for six years to a $90 million contract with $50 million guaranteed.

"Anybody, when you're talking about that kind of money, we're all overpaid. ... For what he has done, how he's worked, how he's utilized his skills, he's in the marketplace of where we are in pro sports and pro football," Jones said on CNBC's "Squawk on the Street."

Elliott had been holding out of the team's training camp in search of a new deal, as the Cowboys' key offensive players are poised to get more expensive. Quarterback Dak Prescott and receiver Amari Cooper are also in line for new contracts soon.

"He's got a big heart. Now he's got a thick pocket book too," said Jones, who is also a major investor in energy company Comstock Resources.

The standoff between Elliott and the Cowboys got testy at times. Jones joked "Zeke who?" last month after another Cowboys running back had a solid performance in a preseason game.

VIDEO2:0302:03
Retiring with one million on a $50,000 yearly salary

NFL teams have drafted fewer running backs in the first round in recent years as the passing game has become more prominent and teams have grown concerned about the longevity of running backs. Jones said he thinks running backs can still have long careers.

"Running backs are short-lived, although we had what I consider to be one of the top five greatest ones in Emmitt Smith, and Emmitt ran the ball for 13 years. So you don't have to have a four- or five-year career to be a running back," Jones said.

Elliott, who played a key role on the 2014 Ohio State team that won a national title, has racked up 34 total touchdowns in his first three years as a pro.

The NFL announced in July that it would not suspend Elliott for an incident involving a security guard in Las Vegas. Elliott was suspended for six games during the 2017 season after being accused of domestic violence.

VIDEO13:4713:47
Dallas Cowboys owner Jerry Jones speaks with CNBC after Ezekiel Elliott contract extension