NFL increases 2024 salary cap to $255.4M in historic spike

NFL increases 2024 salary cap to $255.4M in historic spike originally appeared on NBC Sports Bay Area

NFL teams will have some extra money to spend this season.

The league announced that its 2024 salary cap will be $255.4 million per team next season. The number marks a $30-plus million jump from the 2023 salary cap, which was $224.8 million.

The unprecedented spike is partially the result of the full repayments of amounts advanced by franchises and deferred by players during the COVID-19 pandemic. New media rights deals, as well as regular season and playoff expansion, also are contributing factors.

The spike will have a significant impact across the NFL, especially on teams that would have been over the cap based on earlier projections, which were around $242 million. As of Friday afternoon, seven teams are above the official 2024 figure, per Over The Cap: the Cleveland Browns, Dallas Cowboys, Denver Broncos, Los Angeles Chargers, Miami Dolphins, New Orleans Saints and Buffalo Bills.

On the other end of the scale, teams with existing cap space got even more ahead of free agency. The Washington Commanders, New England Patriots and Chicago Bears are all more than $80 million below the cap as of Friday afternoon.

The 49ers currently have approximately $834,165 in salary cap space for 2024 and easily should be able to create a lot more space with key contract restructures this offseason.

Teams have until 1 p.m. PT on March 13 to get under the salary cap ahead of the official start of free agency.

On top of the salary cap number, the NFL also announced an additional $74 million per club payment for player benefits and official franchise and transition tag numbers.

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