The NFL’s salary cap has significantly increased
Business is booming for the NFL in 2024.
According to NFL Network’s Tom Pelissero, the salary cap number for the 2024 NFL season is set at $255.4 million per team.
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
Compared to last season, the new number is a $30 million increase per team and a 13.6% increase from the previous year. Pelissero said the increase was due to “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.”
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. https://t.co/aSblo3FDND
— Tom Pelissero (@TomPelissero) February 23, 2024
ESPN’s Dan Graziano reported that the cap number was previously expected to be around $240-245 million. With the unprecedented increase, teams have more money to spend and could make bigger splashes in the free agency market.
The Jets are one of many teams who will have more freedom than expected. Previously having a small amount of cap space, the Jets now have just over $15 million in cap space, according to Over the Cap. This is before any additional cap maneuvers, such as cuts and restructures.
In addition to the cap numbers, the franchise and transition tag numbers were officially released in a memo sent to all 32 teams.
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
From a strictly Jets perspective, seeing how the cap increase affects their off-season plans will be very interesting.
The team has more money to potentially keep Bryce Huff, who has been vital to the team’s pass rush. Targeting free agents in areas of need, such as wide receiver and offensive line, is now easier due to their extra maneuverability.
It is exciting to think about what free agency holds in store, especially with the increased cap space for the Jets. How Joe Douglas and company proceed remains to be seen, but there is now even less of an excuse for the team to make considerable improvements this offseason.
