The NFL salary cap has taken a historic leap for the 2024 season.
The league announced on Friday that the salary cap will be $255.4 million per club in 2024.
The figure marks an unprecedented $30-plus million rise over last season’s cap, which totaled $224.8 million.
Per the NFL, on top of the record salary cap, there will be 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 team -- more than $10.5 billion league-wide.
The giant leap in the salary cap is partially the result of the full repayment of all amounts advanced by the clubs and deferred by the players during the COVID-19 pandemic, as well as significant new media deals coinciding with recent regular season and playoff expansion.
The cap has skyrocketed over the past 14 seasons, escalating each season outside of the COVID-19-affected year (2021).
NFL salary cap over the years
The boost in the cap is significantly more than projections most were working off of (in the $242 million range). Clubs mired in salary cap trouble got significant relief, while those above the threshold have even more money to spend.
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.
Along with the announcement of the 2024 salary cap, the league also locked in franchise and transition tag numbers, sending out a memo to teams on Friday, NFL Network Insider Tom Pelissero reported.