Colts to have roughly $71 million in 2024 salary-cap space

The Indianapolis Colts are gearing up for a vital 2024 offseason in which they will be building off a successful campaign despite missing out on the postseason.

With a promising 21-year-old quarterback on a rookie contract, the Colts find themselves in a strong standing with the salary cap. Though they have a few players to re-sign this offseason, the Colts will be among the leaders in salary cap for the upcoming offseason.

It was reported during the regular season that the NFL salary cap for 2024 is expected to exceed $240 million. The league has not announced the official number, and that won’t happen until March.

According to Over The Cap, the Colts are expected to have roughly $71.2 million in cap space based on a $242 million salary-cap projection. That ranks fifth-best in the NFL.

In terms of effective salary cap, which is defined as “the cap space a team will have after signing at least 51 players and its projected rookie class to its roster”, the Colts rank third with $61.4 million. The top-51 rule applies when the new league year begins in March.

The Colts will have several important players set to hit the market this offseason. Some of them will be re-signed while others will be allowed to test the market. It’s far too early to say which players fall into what categories.

Even with this much salary-cap space, we shouldn’t expect the Colts to go wild. General manager Chris Ballard has never been one to overspend during free agency, but it would give them the ability to pull off a high-profile trade.

It should be an exciting offseason despite the disappointing finish to the 2023 season, and the Colts will have plenty of ammo to work with in terms of the salary cap.

Story originally appeared on Colts Wire