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The Dallas Cowboys and Green Bay Packers have linked up for an absolute blockbuster trade as Dallas is sending star edge rusher Micah Parsons to Green Bay for two first-round picks and defensive lineman Kenny Clark. Additionally, Parsons has agreed to a new deal with the Packers that makes him the highest-paid non-quarterback in NFL history with an annual salary of $47 million, shattering the previous mark held by Pittsburgh Steelers edge rusher T.J. Watt.

Parsons, 26, was a first-round pick in 2021 and has earned three-time All-Pro nods after accumulating 52.5 sacks over his first four seasons. He was seeking a new deal as he entered the final year of his rookie contract, but contract talks reportedly were contentious, prompting Parsons to publicly ask for a trade last month. Cowboys owner Jerry Jones, who also serves as general manager, said Parsons' trade request was part of negotiations and that he didn't want to trade him. Additionally, Parsons, who reportedly has dealt with back tightness this offseason, was seen laying down on a training table instead of watching Dallas' preseason finale, prompting a private conversation with head coach Brian Schottenheimer. 

This trade notably also marks the second time in less than a year that a Dallas franchise traded a young franchise cornerstone as the Mavericks famously traded guard Luka Doncic to the Los Angeles Lakers ahead of the NBA trade deadline. 

And keep your eyes peeled for Week 4, which sees Parsons and the Packers visit the Cowboys on Sunday Night Football.

Green Bay Packers futures odds

The Packers were entering 2025 in a good spot even before acquiring Parsons. The team is coming off back-to-back postseason appearances, and those two teams were the youngest playoff rosters in NFL history according to available data. Quarterback Jordan Love has emerged as a franchise quarterback, Matt LaFleur is one of the game's best young head coaches and the Packers have built a good, young core. They now will operate with less draft capital the next two years, but adding a player like Parsons comes at a steep price.

Before this move, the Packers were either +2000 or +2200 at top sportsbooks to win this next Super Bowl, and they were between +950 and +1100 to win the NFC. Now, Green Bay is +1400 at DraftKings to win the Super Bowl and +700 to win the NFC. The team's Super Bowl odds are the fifth-shortest in the NFL and their NFC odds are the second-shortest in the conference. The Packers now have leapfrogged the Detroit Lions for shortest odds to win the NFC North at +175.

The SportsLine Projection Model, which simulates every NFL game 10,000 times, sees the Packers' win total increasing from 10.5 to 10.8, their chances of winning the NFC North go from 41.2% to 46.3%, winning the NFC from 15.9% to 1964% and winning the Super Bowl up to 10.1% from 8.3%.

The Packers open their season against the Detroit Lions.

Dallas Cowboys futures odds

Trading a player like Parsons naturally diminishes your chances of making and winning a Super Bowl. For Dallas, that was certainly the case here as the team's Super Bowl odds went from between +4500 and +5500 at top sportsbooks to +6500 at DraftKings, the 12th-longest odds in the league. Dallas' odds of winning the NFC East have gone from +650 to +900.

Dallas' chances of making the playoffs have dipped from 27.5% to 17.8%, according to the model, a dip of nearly 10%.

The Cowboys face the Philadelphia Eagles, the reigning Super Bowl champions, in the season's opening game next Thursday.

Micah Parsons Defensive Player of the Year odds

Parsons has been a force in the NFL since his first game, and that's not expected to change any time soon, even with a new team. He has recorded at least 12 sacks in all four of his NFL seasons, and he now is the betting favorite for Defensive Player of the Year at DraftKings at +600. 

Parsons joins a Packers defense that last year under first-year coordinator Jeff Hafley ranked eighth in sacks and sixth in points allowed. Green Bay may now be in the conversation for having the NFL's best defense in 2025.