NFL Salary Cap Jumps To Historic Number For 2024 Season

The NFL salary cap is increasing to a historic number for the 2024 season. Find out the exact value below.

NFL Salary Cap Jumps To Historic Number For 2024 Season

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.

— Tom Pelissero (@TomPelissero) February 23, 2024

The NFL announced Friday that its salary cap for the 2024 season will be a record $255.4 million per team.

This marks a historic increase of over $30 million from the 2023 salary cap of $224.8 million. It’s the largest jump from one year to the next since the introduction of the salary cap in 1994.

Teams will have an additional $74 million for player benefits, such as benefits for retired players and performance-based pay, taking total player costs to $329.4 million.

The NFL cites “an extraordinary increase in media revenue”  as one of the reasons for the unprecedented increase. The TV deals signed in 2021 are now beginning to pay huge dividends.

How Does The Salary Cap Increase Affect NFL Free Agency?

With the NFL announcing a record $255.4 million salary cap, franchise and transition tag numbers are also locked in. From a memo to clubs today: pic.twitter.com/SkUHnY8sPh

— Tom Pelissero (@TomPelissero) February 23, 2024

With the new projected salary cap, the numbers for the franchise and transition tags are set. The franchise tag for the quarterback jumps off the screen at $38,301,000.

Other notable franchise tag numbers: $11,951,000 for running backs, $21,816,000 for wide receivers, and 21,324,000 for defensive ends.

The New Orleans Saints recently restructured Derek Carr’s contract by converting a portion of his $30 million base salary for 2024 into a signing bonus. The move should save the Saints around $23 million in cap relief.

Expect many teams to start maneuvering contracts to get under the new salary cap by March 13 at 4 p.m. ET, when the new league year begins.

The #Saints are restructuring QB Derek Carr’s contract for salary cap purposes, a move expected to save the club around $23M in cap relief, per sources. Carr is due $30M in base salary, so converting a portion of that into a signing bonus can provide immediate savings

— Jeremy Fowler (@JFowlerESPN) February 23, 2024