NFL Sets New Salary Cap

      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.

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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