In the annals of NFL history, few quarterbacks have generated such a contrast between investment and output as Trey Lance.

Back in 2021, the San Francisco 49ers made a significant trade, sending three first-round picks and a third-round pick to secure the chance to select Lance third overall. However, during his first two seasons, Lance only started a total of four games before the 49ers opted to minimize their losses by trading him.

In 2023, the Dallas Cowboys acquired Lance in exchange for a fourth-round pick. He did not see any game action that season, and later only appeared in a few inconsequential moments during the final game of the 2024 season after the Cowboys were already out of playoff contention. Now that Lance’s four-year rookie contract has ended, the Cowboys are set to let him enter free agency.

“We decided to take a chance on Trey because we wanted to explore that option,” stated Stephen Jones, the Cowboys’ Chief Operating Officer, in an interview with the Dallas Morning News. “We hold Trey in high regard. However, with Dak Prescott firmly signed for the long haul, it’s likely that Trey will be seeking opportunities elsewhere.”

Despite the decision to trade for Lance, Jones emphasized the difficulty of finding skilled quarterbacks without giving up significant assets, saying, “That’s the reason we traded a [fourth-round pick] for Trey. It seems like all quarterbacks are drafted much earlier than expected, even those in the fourth round, so the value is always higher.”

Throughout his career, Lance has achieved a completion rate of 56.6 percent, tallying five touchdowns and four interceptions, with his teams maintaining a 2-3 record in games he has started. He has also contributed as a rusher, totaling 65 carries for 276 yards and one touchdown. Earning $25 million from the 49ers and $6 million from the Cowboys, Lance will now enter free agency, hoping to secure a backup role after four years of not showcasing the potential that inspired the 49ers to draft him.