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Wednesday, April 17, 2024
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NFL Salary Cap Sees Historic Spike Ahead of 2024 Season

  • Each franchise was allotted $255.4M, which is a $30M increase for each team.
  • The cap spike is partially due to media revenue and final COVID-19 deferments.
NFL salary cap
Stephen R. Sylvanie-USA TODAY Sports

The NFL’s salary cap just took a massive leap.

The league announced the 2024 salary cap will be $255.4 million per team with an additional $74 million per club payment for player benefits, which include performance incentives and benefits for retired players. In total, player costs for ’24 will be just under $330 million per team, totaling up to $10.5 billion for the entire NFL. 

The historic $30 million increase in the cap resulted from increased media revenue for the 2024 season and deferred payments from the COVID-19 pandemic, leading to the cap’s unprecedented spike.

With the cap increasing, experts expect free agency to sizzle. The 2024 league year and signing period begin at 4 p.m. ET on March 13, following a two-day negotiating period.

Top NFL free agents include Chiefs defensive lineman Chris Jones, Jaguars linebacker Josh Allen, Bengals wideout Tee Higgins, and Vikings quarterback Kirk Cousins. Cousins is coming off an Achilles tear, which will likely impact his market, but Allen and Jones are two of the game’s premier pass rushers, putting them in the driver’s seat for a big payday. 

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