I have now said enough on this topic that I am absolutely repeating myself, but let's do it again on this Monday morning. I don't believe Romo will be traded at all. I don't think any team is going to pay a real asset to get him. A conditional fifth-rounder? Maybe. But, you are not getting anything great for Romo.
The cap doesn't really allow for it and Tony Romo doesn't need to do anything but wait. The Cowboys are going to feel the crunch of the cap very soon. They have the ability to make room, but they also need it all, because right now, they have almost no cornerbacks on their roster. They also have almost no safeties. So, yes, they can restructure some deals to make room, but with this many defensive backs as free agents (and they need a starting WR), you can see there is a need for every dollar.
The Cowboys could attempt to hold on to Romo and set up the Hail Mary possibility that someone will lose their QB on Labor Day like the Vikings did last year that set up their goofy deal with the Eagles for Sam Bradford. I mean, they could. But, they would not be smart to do that because of about five reasons. Maybe the biggest one is that the rest of the league confirmed that the Vikings were insane to do that and likely could have accomplished most of the exact same from 2016 with Shaun Hill or you name the waiver-wire QB. They panicked. That actually makes it less likely someone else would do the same.
If a team wants Romo, they want him with a full offseason. But, that team also knows the Cowboys need the space so they can do business at the spots on the roster that are actually going to play in 2017. Romo is under no obligation to do anything but sit for now. I suspect Houston makes the most sense, but I also suspect Houston will not have to pay to get him -- other than the market value salary and the chance to start. Denver has a chance to get involved, although I expect they will go with Paxton Lynch rather than basically destroy his future after all the trouble they went through to get him (and to beat Dallas to him, ironically). Kansas City has been mentioned on the periphery. There are some less attractive options -- including a few in the NFC.
But, back to the ultimate question: Why would anyone trade for him when they don't have to? I guess it only takes one team to panic, but the cap implications for the Cowboys are clearly more beneficial to simply waive him as a June 1 designation.
In the end, I believe you will see what we expected months ago. You will wake up one March morning, grab the paper, and see the Cowboys have bluffed as far as they can go. Now, they want to participate in free agency and therefore are cutting Tony Romo loose.
It was a good run. But, it ends in the next 30 days.