We are almost two weeks into the NFL offseason. However, league news never stops completely. Now, the NFL has revealed what the 2024 NFL Salary Cap is going to look like. Read below to find out more.
2024 NFL Salary Cap
According to Ian Rapoport of the NFL Network, the 2024 NFL Salary Cap is going to be $255.4 million. The NFL plans on increasing the Salary Cap by more than $30 million next season. To put this in perspective, the Salary Cap for each team has nearly doubled over the last decade.
Player Benefits
In addition to the $255.4 million per club mentioned above, each team will have $74 million available for player benefits. This includes performance-based incentives as well as benefits for retired players. The total money available for each club next season is $329.4 million.
Reasons for the Large Increase
According to Adam Schefter of ESPN, the large increase in media revenue played a large role in this salary cap increase. Many players should expect a raise on their next contracts. It helps that the NFL is receiving over $150 million for each playoff game they give exclusive rights away.
The other major reason noted by Schefter is dues from the pandemic. Players had to defer a certain portion of their salaries during the pandemic. Now, this year’s salary cap is intended to be a full repayment of that deferment.
Impacting Free Agency?
So, how will this impact free agency? For starters, this large increase likely means record contracts for elite players. One big discussion being had is whether the Cowboys should pay QB Dak Prescott $60 million or trade him before they have to offer such a contract. However, for teams with smart general managers, this extra cap space could allow them to build elite rosters.
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