NFL sets salary cap with unprecedented increase for 2024
The NFL salary cap has been announced for the 2024 season via multiple sources, with Jonathan Jones of CBS making the first official report. The salary cap will receive a whopping $30.6 million increase from the previous season, raising all the way up to $255.4 million. This number is well over many projections made previously, which were typically in the range of $242-$250 million at max. However, with increased media revenue, payment in full of all advancements from the COVID-19 pandemic (according to Ian Rapoport of NFL.com), and the general economic increase that comes year to year with the NFL this will have a huge effect on the offseason for every NFL team, but for our New Orleans Saints, it may make the difference between an offseason of smaller moves and the ability to make one big move.
Where do the Saints sit in terms of cap space now?
The next logical question is, where do the Saints remain in the cap space debacle? After a $23 million restructure of Derek Carr’s contract this morning, and an additional $7.18 million restructure for Erik McCoy, things are looking pretty good overall.
With this number and both restructures factored into play, the Saints now sit at $40,071,454 over the limit according to OverTheCap. The top five players on the New Orleans Saints’ roster in terms of total cap number are able to be restructured to save approximately $44,031,500, meaning the Saints could become cap compliant with those restructures alone (assuming there are no pay decreases discussed whatsoever either). The flexibility for the Saints this offseason is now alot more pliable than previously anticipated, and could make the 2024 offseason much more intriguing.
