2024 Season Received A Historic Bump Of $255M In Salary Cap

The NFL salary cap for the 2024 campaign has been set, and the league is in strong financial standing.

The official salary cap for 2024 is set at $255.4 million, which is an increase from the previous record high of $224.8 million in 2023. With the pace at which the league’s earnings are increasing, the NFL will consistently set new records every year. The $30.6 million raise is the highest year increase in total funds in the history of free agency.

2024 Season Received A Historic Bump Of $255M In Salary Cap

The cap figure is revealed right before clubs start making their way to Indianapolis for the NFL Combine, where they will speak informally and formally with the representatives of seasoned players. Knowing the cap number ahead of all those meetings will help all sides in their business dealings ahead of the start of the league year on March 13.

Here’s where all 32 teams stand in terms of cap space heading into free agency and draft season with the official number locked in.

  1. Washington Commanders: $87.05 million
  2. New England Patriots: $82.9 million
  3. Chicago Bears: $80.4 million
  4. Tennessee Titans: $78.6 million
  5. Cincinnati Bengals: $72.8 million
  6. Indianapolis Colts: $72.3 million
  7. Houston Texans: $67.6 million
  8. Detroit Lions: $63.7 million
  9. Arizona Cardinals: $55.1 million
  10. Las Vegas Raiders: $48.7 million
  11. Los Angeles Rams: $45.99 million
  12. Tampa Bay Buccaneers: $45.5 million
  13. Carolina Panthers: $40.2 million
  14. Atlanta Falcons: $38.5 million
  15. Minnesota Vikings: $37.9 million
  16. New York Giants: $32.9 million
  17. Philadelphia Eagles: $32.2 million
  18. Kansas City Chiefs: $27.7 million
  19. Jacksonville Jaguars: $24.7 million
  20. Baltimore Ravens: $18.5 million
  21. New York Jets: $15.1 million
  22. Seattle Seahawks: $12.97 million
  23. Green Bay Packers: $8.2 million
  24. Pittsburgh Steelers: $7.4 million
  25. San Francisco 49ers: $834,165
  26. Cleveland Browns: ($6.2 million)
  27. Dallas Cowboys: ($8.2 million)
  28. Denver Broncos: ($10.7 million)
  29. Los Angeles Chargers: ($22.1 million)
  30. Miami Dolphins: ($38.5 million)
  31. New Orleans Saints: ($40.1 million)
  32. Buffalo Bills: ($41.7 million)

How is the NFL salary cap calculated?

The NFL deducts 48% of its yearly earnings from player salaries in order to determine the wage cap. However, a portion of that cash is set aside for player advantages. The remaining funds are distributed among the 32 clubs, providing each one with an equal salary cap amount; however, teams are not obligated to utilize all of the salary limit funds at their disposal.

In 2023, the wage ceiling was $224.8 million; by 2024, it had risen to $255.4 million. The NFL claims that the sharp rise is the result of media income increases in 2024 as well as the complete payback of all funds provided to clubs and postponed by players during the COVID-19 epidemic.

However, the league’s post-pandemic expansion has demonstrated that those cautious preparations were superfluous. In 2021, the NFL and its partners inked a new television agreement valued at over $110 billion over the course of 11 years. Revenue from gambling and new streaming games keeps coming in by the billions.

“The unprecedented $30 million increase per club in this year’s salary cap is the result of the full repayment of all amounts advanced by clubs and deferred by the players during the COVID pandemic as well as an extraordinary increase in media revenue for the 2024 season,” the league stated in a statement.

NFL salary cap deadline 2024

By the time the new league year begins on March 13 at 4 p.m. ET, every NFL club has to be under the salary cap.

Monday, March 11 at 12 p.m. ET kicks off the free-agent negotiating period. Teams can utilize their franchise tags until Friday, March 5, at the latest.

However, the Vikings have the option to extend Jefferson, re-sign Cousins and Hunter, and still have room to add some elite free agents from outside the league. Executive VP of football operations Rob Brzezinski, who collaborates closely with general manager Kwesi Adofo-Mensah, is one of the NFL’s top cap experts.

 

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