‘Word on the Street’

NFL Free Agency 2024

Frank Coyle/ Head scout
www.draftinsiders.com

The official start of NFL Free Agency period begins today at 4 pm with a few clubs expected to release more veterans to get under the new salary cap. The ‘legal’ tampering opened Monday midday and the player rush began with NFL clubs prepared to make huge offers to new free agents. The new $30+ million-dollar increase added to up a $255.4 million salary cap per team which made most club instant bidders on the open market.

The premier positions took the focus especially the QB market after the 2023 season saw 60+ starters at the position and raised the bar again at the game’s most important position. QB Kirk Cousin’s was again a huge winner in the open market with an incredible 4-year $180 million deal with the Falcons. His presence makes the Falcons dangerous in the NFC South with a young talented group of playmakers and a solid offensive line around him. Their defense will demand the focus of most future signings and many of the premier draft selections in April.

Most of the early FA movement at the QB spot has been the extensive change at the #2 role, following a season with multiple injuries and rotation at the position. The Browns actually made the playoffs last season, relying on the strong performance of backup Joe Flacco who signed late in the 2023 season after his release from the Jets. He stepped up big and delivered multiple 300-yard passing performances. He was the Browns 5th starter as they continue to stabilize offensively after a year of multiple injuries and erratic performances. Flacco is a FA and will not resign with the Browns. They have already signed vet Jameis Winston for their deep QB room.

The Browns’ blockbuster deal for QB DeShaun Watson three years ago is still highly questioned after his second season in Cleveland on a trade which costed three #1 selections and a whopping #230 million contract. He enters training camp hoping to justify the enormous bounty the Browns relinquished.

In addition to Cousins with a new contract, Baker Mayfield re-signed with the Bucs for $100M on a three-year deal. He directed the Bucs to the playoffs after coming off the QB scrap hill and not re-signed in Carolina last offseason. Veteran Russell Wilson was released by the Broncos after two horrible seasons in Denver, leaving a ton of dead money on their salary cap books. He signed with the Steelers where he will compete with young Kenny Pickett who the starting job.

Backup QBs moved quickly prior to the official opening with clubs determined to land veteran backups who can hold the fort during any interruptions of the long 18-week NFL schedule. The 2023 The NFL Draft will also see the QB movement dominate the early action with the top 3 selections expected to be young passers and possibly 5-6 chosen in the first round.  The trade market will also be a factor in the domino effect at the position. The Bears’ hold two #1 picks, the first and #9 overall which makes Justin Fields expendable this offseason. His mediocre three-year early career will probably end in Chicago. Most clubs move on from incumbents when #1 overall pick allows them to add a top prospect to begin a new era. Fields may not command more than a 3rd round selection or possibly later with conditions. He was an expensive trade with the Giants to move up in the 2021 NFL Draft which cost two #1 picks plus a few middle round throw-ins.

The 2024 NFL Free Agency bell rings in minutes with many deals agreed upon over the past 48 hours. The upcoming player movement will change the landscape of NFL rosters for the season.

The impact of new additions will play a huge role in the makeup of the divisional races which bring many surprises annually in the ever-changing NFL.

 

 

NFL Free Agency Tag Deadline

Nine Players Receive Labels
Seven Defensive Players Head List

All Franchise Tags were Non-Exclusive labels
One Transitional Tag

 Offense
Wideouts
Tee Higgins – Bengals
Michael Pittman – Colts

Defense

Edge Defenders
Josh Allen – Jaguars
Brian Burns – Panthers

Interior Linemen
Justin Madubuike – Ravens

Corners
Jaylon Johnson – Bears
L’Jarious Sneed – Chiefs

Safeties
Antoine Winfield – Bucs
Kyle Dugger – Patriots (Transition Label – Top 10 at position)
 
There are three tender options: 1) Non-exclusive franchise tag; 2) Exclusive franchise tag; 3) Transition tag.

Non-exclusive Franchise tag:
The most commonly used tag. When most refer to the “franchise tag,” they generally talk about the non-exclusive version. This is a one-year tender of the average of the top five salaries at the player’s position over the last five years, or 120 percent of his previous salary, whichever is greater. The tagged player can negotiate with other teams, but his current team has the right to match any offer or receive two first-round draft picks as compensation if he signs with another club.

Exclusive Franchise tag:
Unlike the non-exclusive version, the tagging team retains the sole right to negotiate with the player. The exclusivity raises the pay scale (current average salary versus averaging of the previous five years). This is a one-year tender offer of the average of the top five salaries at the player’s position for the current year, or 120 percent of his previous salary, whichever is greater. Few receive the exclusive tag. Generally, players for whom other teams would gladly give up two first-round picks receive this version of the tag — read: quarterbacks.

Transition tag:
The transition tag is a one-year tender offer for the average of the top 10 salaries at the position — as opposed to the top five for the franchise tag. It guarantees the original club the right of first refusal to match any offer the player might receive from another club. The tagging team is awarded no compensation if it chooses not to match a deal

      NFL Free Agency 2024
NFL Sets New Salary Cap at $255.4 Million
Huge $30 Million Cap Increase Per Team

Frank Coyle / Head scout
www.draftinsiders.com

The NFL has surprisingly set the new salary cap for 2024 at $255.4M, an incredible $30.6 million increase from the 2023 team cap. That is the biggest cap increase since the salary cap started in 1994 when the original salary cap was only $34.6 million. This increase was a surprise to most NFL executives who expected an estimate in the $20 million dollar area. The announcement was also earlier than any year with the annual new cap always at the end of February. The recent caps since the Covid years have been held down by the paybacks.

This huge increase reflects the new television money where the NFL has expanded on multiple TV streaming platforms. The salary cap has grown at a steady pace until the Covid pandemic occurred. Future increases will probably be in the expected $25M range.

Teams over the salary cap will get some relief this year with 8 clubs in the red currently. They must be in positive cap money for the March 13^th Free agency opening day. This offseason may see the biggest turnover of veteran releases on high contracts for teams to operate in the early FA period which starts March 13th. Tender offers will increase over expectations, in addition to proven performance escalators and rookie contracts.

DraftInsiders.com will have an extensive 2024 NFL Free Agency report in March
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We are in the Franchise and Transitional tag period which numbers of veterans could increase with the enormous higher cap in place. Teams are diligently combing their roster to restructure veteran contracts to create more salary cap space. The Saints restructured QB Derek Carr’s contract saving $23M for the new cap period.

The upcoming free agency period will be a pivotal time for NFL teams to reload for the 2024 season. The increased cap and restructured veteran contracts can make an amazing new makeover for clubs to compete for the NFL playoffs. The early negotiating window allows teams to speak to free agents and sign them within the first days of the free agency period. It will change the NFL landscape tremendously along with the Trading period which begins the same day. Those additions and losses will be the foundation of rosters entering the important NFL Draft.

Visit – Overthecap.com

2024 Salary Cap Space

Cap Space = (Team Salary Cap) – (Active Cap Spending) – (Dead Money)
Team Salary Cap = (Base Salary Cap) + (Carryover) ± (Adjustments) 
Effective Cap Space: the cap space a team will have after signing at least 51 players and its projected           rookie class to its roster.   

Base Salary Cap: $255,400,000     Statistics from Overthecap.com

Team              Cap Space     Effective Cap Space       #       Active Cap Spending   Dead Money

Commanders   $79,614,671      $67,806,345            49         $171,582,086                $11,933,514

Titans             $78,655,381      $72,565,839                  51         $152,102,981                 $31,850,988

Bears               $78,335,157      $66,248,878                  51         $170,014,987                 $10,539,071

Patriots            $77,955,006      $69,213,592                 55         $165,759,423                 $11,707,888

Colts                $72,337,573      $68,132,343                  62         $181,109,345                 $8,363,623

Texans             $67,583,290      $64,174,292                 54         $174,969,614                 $13,778,652

Lions               $57,614,821      $49,803,411                  45         $177,167,136                 $23,054,507

Cardinals         $53,054,463      $41,905,110                62         $198,221,670                 $14,151,579

Bengals           $51,020,373      $45,584,242                  49         $211,931,359                 $1,775,689

Bucs                 $43,682,067      $40,566,748                52         $192,531,646                 $21,888,078

Rams               $43,110,695      $39,225,710                  51         $212,388,824                 $3,902,765

Raiders            $42,936,109      $38,343,993                  56         $204,052,911                 $15,002,160

Vikings            $35,807,132      $30,682,041                  54         $222,260,496                 $3,508,541

Panthers          $34,572,274      $32,520,236                  55         $215,359,328                 $9,230,998

Falcons            $33,004,013      $27,228,994                  57         $223,994,196                 $3,023,102

Giants             $30,801,691      $22,999,424                  51         $209,557,237                 $17,542,850

Eagles             $27,354,811      $23,244,756                  64         $222,789,618                 $7,278,900

Jaguars           $24,683,167      $20,520,846                52         $237,026,468                 $806,259

Chiefs             $18,194,240      $15,451,427                  54         $234,875,275                 $3,857,097

Ravens            $16,631,328      $12,871,589                  50         $231,810,045                 $9,096,530

Seahawks        $12,969,647      $7,910,407                  49         $247,867,087                 $237,492

Jets                  $12,756,122      $8,169,238                    52         $229,058,404                 $18,331,968

Steelers           $9,005,846        $5,304,852                 63         $239,194,713                 $9,539,633

Packers           $2,340,288        ($2,179,969)               60         $244,695,581                 $15,118,132

Teams currently over the cap

49ers               ($5,066,251)      ($8,344,657)                  56         $287,715,903                 $9,145,613

Browns            ($7,458,897)      ($8,634,913)                57         $279,131,620               $14,972,782

Cowboys         ($9,933,127)      ($12,985,490)              58         $255,464,019               $14,771,496

Broncos           ($16,811,078)    ($20,573,431)                61         $263,994,831                 $9,693,124

Chargers          ($25,607,797)    ($35,160,383)             49         $263,988,882                $24,556,666

Dolphins          ($27,919,894)    ($36,468,784)            44         $267,655,998                $16,809,238

Saints             ($42,089,497)    ($46,149,348)                55         $297,076,846                 $2,840,956

Bills                 ($43,815,909)    ($47,064,828)                53         $288,533,131                 $12,221,717

Frank Coyle is a long-time scout with nationwide ties with NFL and college coaches, scouts and player agents. He is a member of the FWAA and voter in major college player awards – Heisman, Outland, Nagurski, Lombardi, Thorpe, Biletnikoff etc. for the past 30 years. He writes College Football Mondays weekly during the season.

 He has a new column ‘The Word on the Street’ dedicated for the NFL Draft and Free agency insight and news with unique content during January through May. He was a longtime scouting consultant for the Senior Bowl, the nation’s premier postseason All-star game. He does sports radio shows for CBS and ESPN on a year-round basis related to NFL and College Football especially during the postseason team and All-star Bowl time. He has worked for CBS Sports, NBC Sports, Yahoo and Rivals sports publications and web sites