Earlier this week, it was revealed the 2024 NFL salary cap would be higher than anticipated, perhaps closer to $250 million.
On Friday, just ahead of next week’s NFL combine in Indianapolis, the league revealed the 2024 salary cap — a significant jump.
The NFL set the 2024 cap at $255.4 million, a $30.6 million increase from 2023. It’s the most significant increase since the NFL introduced the salary cap in 1994.
No team enters free agency with more cap space than the Washington Commanders, and that number is now $87 million, according to Over the Cap. Washington has $75.2 million in effective cap space, a projection after the team signs its draft class and top 51 players.
Over the Cap and Spotrac had projected the 2024 salary cap to be around $242 million.
Why the increase? This is from the NFL, via Ian Rapoport.
The unprecedented $30M increase per club in this year’s Salary Cap is the result of the full repayment of all amounts advanced by the clubs and deferred by the players during the Covid pandemic as well as an extraordinary increase in media revenue for the 2024 season.
Adam Schefter released the following graphic showing the increase in the cap in each year since 1994.
Salary cap for the 2024 NFL season will be $255.4 million per team. pic.twitter.com/QhIYihU6m0
— Adam Schefter (@AdamSchefter) February 23, 2024