The Dallas Cowboys have thrown cold water on trade rumors surrounding star wide receiver George Pickens, a development that spells bad news for two AFC contenders hoping to land him.

Pickens, 25, signed a one-year, $27 million franchise tag tender with the Cowboys but has been seeking a long-term deal. Despite a stellar season in Dallas, the organization appears hesitant to commit long-term, sparking speculation about a potential trade. Both the Baltimore Ravens and Los Angeles Chargers emerged as possible suitors.

However, Cowboys Executive Vice President Stephen Jones shut down those hopes on Tuesday. Speaking on Mad Dog Radio, Jones stated the team has "zero interest" in trading Pickens, according to The Athletic's Jon Machota. Jones also noted the team hasn't been informed whether Pickens will attend mandatory portions of the offseason program.

For the Ravens, this is a tough blow. Baltimore is in dire need of a dynamic, strong-handed receiver to pair with Zay Flowers ahead of the 2026-27 season. Pickens, with his elite ball-tracking and body control, would have been an ideal fit after posting 93 catches for 1,429 yards and nine touchdowns in 17 games last season.

The Chargers are equally disappointed. After a dismal offensive showing in their AFC Wild Card loss to the New England Patriots—where they managed just three points—Los Angeles desperately needs an explosive playmaker. Pickens would have provided that spark, but for now, a trade remains off the table.

With Pickens staying put in Dallas, both the Ravens and Chargers will need to explore other options to bolster their receiving corps before the season kicks off.