Jerry Jones just gave Dallas Cowboys fans a significant update in the final hours before the NFL trade deadline. It basically confirms what most of them suspected going into Tuesday.

The deadline arrives at 3 p.m. CT Tuesday. Speaking on 105.3 The Fan, the Cowboys owner and general manager cooled expectations for anyone hoping for a splash, including a potential George Pickens deal.

“Don’t count it out, a lot of things happen on this last day, but I don’t look for us to make a significant trade today,” Jones said.

In other words, expect Dallas to stand pat as far as trades go. Jones did imply the Cowboys would add a running back today following Tyler Goodson’s injury versus the Colts.

George Pickens isn’t going anywhere

Most notably, the Cowboys don’t appear to be gearing up for a Pickens trade. That was a major talking point entering the week, and for more than one reason.

For starters, Pickens doesn’t have a long-term contract in place. He’s playing in a contract year after the Cowboys placed the franchise tag on him earlier in the year, without negotiating a long-term deal past April. Additionally, the Dallas front office has said in the past that it’s tough to pay two wide receivers at the top of the market. That is exactly what they’ll have to do if they plan to keep Pickens around beyond the 2026 NFL season.

So there is logic to a potential trade.

Pickens then missed Sunday’s game against the Indianapolis Colts, which only stirred up the conversation more. It was natural to wonder whether Dallas could be preparing to move him.

However, Jones clarified that Pickens’ absence against Indianapolis was “100% injury-related.”

Don’t expect Pickens to be headed anywhere Tuesday.

Ranking the Cowboys’ trade deadline scenarios

Early Tuesday morning, I posted on social media my ranking of the most likely outcomes for the Cowboys ahead of the deadline. I still believe it, and Jones’ comments only reaffirmed it for me.

1. They don’t do anything. The Cowboys seem to be at a point where riding the fence is a viable option. I’d view it as a mistake, though. Standing still fails to address their short-term problem of not being good enough, and their long-term problem of having only three draft picks for the 2027 NFL draft.

2. Moderate buyers. Something smaller could still happen, perhaps involving a Day 3 pick in the 2028 NFL draft. With their 2027 draft cupboard this thin, Dallas doesn’t have much else to offer.

3. Moderate sellers. If the Cowboys can get anything on the market for players such as KaVontae Turpin or Shavon Revel Jr., a modest sale is on the table.

4. Selling big. This is where a Pickens trade would come in. Again, I don’t think they do it, but there’s some logic there.

5. A big swing as buyers. I don’t see this one for the Cowboys. For starters, they lack the picks to make it happen. But more importantly, they’re just not in a spot where a big swing makes sense.

Dallas is 4-5 and clearly has a lot of problems. The Cowboys aren’t even the favorite to win the division right now, with the New York Giants off to a great start at 5-2-1. Pushing chips into the middle of the table with that résumé wouldn’t make a lot of sense.

Only a few hours remain before the deadline passes. If you’re a Cowboys fan, expect a quiet afternoon in Dallas.