NFL Has Announced the 2024 Salary Cap And It’s Huge!
It’s always a big deal to know how much money NFL teams will have to play with. Well the wait is over. The NFL has announced the 2024 salary cap and it’s huge! And contrary to what some people may think, the increase is not due to Taylor Swift, lol. The reason for the biggest salary cap to date is in the announcement provided by the NFL. You can read it for yourself below:
The NFL announced today that the 2024 Salary Cap will be $255.4 million per club, with an additional $74 million per club payment for player benefits, which includes Performance Based Pay and benefits for retired players. Total 2024 player costs will be $329.4 million per club, or more than $10.5 billion league-wide.
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 the clubs. And deferred by the players during the Covid pandemic. As well as an extraordinary increase in media revenue for the 2024 season.
And there you have it. Teams will have some serious dough to work with. Now maybe your favorite free agent can be resigned. Or maybe your favorite team can woo some veterans from other teams. For all the fiscally creative GM’s out there, this salary cap increase could produce a windfall of talent. Or for teams that are at or over the cap this increase will help ease their burden. For instance, there are teams like the New Orleans Saints. They will only have to clear over $40 million in cap space thanks to the larger than expected increase.
NFL Has Announced the 2024 Salary Cap And It’s Huge!
On the other hand, the salary cap boost can put a damper on things for teams like the New England Patriots. Despite having over $82 million in cap space the competition to lure players to New England will be stiff. As other teams will now be able to offer attractive contracts to free agents thanks to the salary cap boost. With a new head coach, no franchise quarterback, and coming off a losing season they will have their work cut out convincing players to join their team.
Therefore, the action should be fast and furious so get your popcorn ready for free agency. But for now, according to nfl.com, teams have until 4 p.m. ET on March 13, when the new league year begins, to get under the salary cap before the free agency period officially opens.
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