Follow CBSDFW.COM: Facebook | Twitter

DALLAS (CBSDFW) — “Dez-line Day” has finally arrived.

If the Dallas Cowboys and wide receiver Dez Bryant are to secure a long-term deal this offseason, the deal must be signed by 3 p.m. CST Wednesday.

Otherwise, Bryant can sign the franchise tender for 2015 — which would pay him around $12.8 million.

But the Cowboys’ star receiver has another option — one that he’s expressed is a distinct possibility. He could sit, a move that would cost him in excess of $750,000 per game.

NFL Network insider Ian Rapoport says Dez’s threat isn’t being taken seriously by the Cowboys. After all, Bryant has been unable to stay away from the team’s facilities this offseason.

While it’s unclear where the two parties are in contract talks, Rapoport reports that Dallas has offered a deal in excess of $12.8 million per year. But one source tells him that the two parties “have a long way to go.”

The insider also reports that Bryant is asking for a deal worth more than Calvin Johnson, who signed an eight-year deal worth up to $132 million in 2012. That deal included $53 million in guaranteed money.

105.3 The Fan’s Mike Fisher says there’s a “negative vibe” at Valley Ranch, as Cowboys officials are trying to stay firm in their current offer to Bryant.

Broncos wide receiver Demaryius Thomas is in a similar position. He has been franchise tagged by Denver as the parties continue contract talks. The NFL Players Association has suggested it will move ahead with collusion charges if neither receiver reaches a long-term agreement.

The union says it has credible information suggesting the Cowboys and Broncos have had conversations about their respective negotiations.

(©2015 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)