The NFL has officially announced the figure for the 2024 salary cap.
The league came out on Friday to state that it was setting the salary cap at $255.4 million, a much higher figure than what was expected league-wide.
The 2023 salary cap was $224.8 million, which means the 2024 number is a jump of more than $30 million.
Once that number came out, many people had the same reaction:
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ESPN’s Adam Schefter shared a photo of how the league’s salary cap has adapted since 1994 when it was just $34.6 million:
The NFL is growing so much that the salary cap might get bigger every single season.
Teams were preparing for the 2024 salary cap to be “in the low to mid 240s” as recently as last week, though Jonathan Jones of CBS Sports stated that they typically take a conservative approach to planning “just in case anything wonky happens.”
“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,” the NFL said in a statement, per Jones.
Jones added that last week, “there was some debate over how much this year’s cap should increase relative to the next few years.” He also noted that it’s “possible—if not likely—the cap numbers in either 2025 or 2026 will not increase at this same rate.”
With a higher salary cap, it’ll be interesting to see how teams approach free agency and the chances they would take as opposed to what they would do in previous years.
