NFL sets 2024 salary cap at record $255.4 million

The NFL set the salary cap at $255.4 million for the 2024 season, the league announced Friday.

In what was a $30 million increase from the 2023 season, the NFL said in a release Friday that the unprecedented increase was a result of the repayment from the COVID-19 pandemic.

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. Total 2024 player costs will be $329.4 million per club, or more than $10.5 billion league-wide.

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 the clubs and deferred by the players during the Covid pandemic as well as an extraordinary increase in media revenue for the 2024 season.

Considering the Colts were expected to work with something between $242-245 million for the salary cap, this gives them a bit more flexibility when it comes to signing contracts.

According to Over The Cap, the Colts are working with roughly $68.1 million in effective salary-cap space, which ranks as the fifth-highest mark in the NFL.

Though player demands will likely go up given this news, this should make life a bit easier for the front office in terms of contract extensions for the big names set to hit free agency.

Story originally appeared on Colts Wire