NFL announces record-breaking salary cap for 2024 as players set to benefit
The NFL has announced a huge new salary cap for the 2024 season, setting it at an amazing $255.4 million. That's a big jump of $30.6 million from last year's cap of $224.8 million.
The league is doing well after the pandemic and signed a huge TV deal in 2021. The broadcasting deal is worth over $110 billion and will last 11 years.
As a result, the salary cap for each franchise has been significantly increased, far more than most anticipated. That is set to benefit players as money filters down across the league.
"The unprecedented $30 million increase per club in this year's salary cap is the result of the full repayment of all amounts advanced by clubs and deferred by the players during the Covid pandemic as well as an extraordinary increase in media revenue for the 2024 season," said the NFL.
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CBS says that NFL teams thought the salary cap would be between $240 million to $250 million. But the news is a big boost to those looking to strengthen their rosters but stay within the cap.
The Washington Commanders will have lots of money to spend with over $80 million of space, according to Over The Cao. The New England Patriots, Tennessee Titans, and Chicago Bears will also have cash to use. But some teams like the New Orleans Saints, Miami Dolphins, and Buffalo Bills won't have as much.
The Saints have a big job on their hands. They start the offseason more than $80m over the estimated 2024 NFL salary cap. The team must stick to this by March 13th, the start of the new league year. This could mean huge changes and thinning out in some places.
The Saints already have 55 players signed up for the 2024 season. They'll also have to find money to pay new NFL Draft picks. Even recalculating deals with every eligible player would only give them $48.5m, so they still have lots of work to do.
NFL teams will get a $30.6m increase on last year's $224.8m (Getty)Sadly for the Saints, they have not been in the playoffs for the last three seasons, since QB Drew Brees left. Despite these struggles, Brees is optimistic about what's coming next.
Speaking to the team's website, "I think the roster is in a good place, I think our management and our talented evaluation with our scouting department is top-notch," he said. "We will continue to build through the draft we will go out and make some key free agent acquisitions.
"We've got a lot of playmakers. I think we finished the season really on a high note. I think the way everyone was playing, I think Derek [Carr] felt really comfortable. I saw a different level of comfort for him towards the end of the season.
"We were a playoff-caliber team that unfortunately had a couple of games we let get away from us early on. We should be a contender."
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