NFL Sets 2024 Salary Cap at $255.4 Million per Team

The NFL has made history with its announcement for the 2024 season’s salary cap, revealing a monumental increase to $255.4 million per club. This staggering figure represents a remarkable surge of over $30 million compared to the previous season’s cap, which stood at $224.8 million.

In addition to the record-setting salary cap, each club will receive an extra $74 million for player benefits, encompassing performance-based pay and retired player benefits. Consequently, total player costs for the 2024 season will reach $329.4 million per team, amounting to over $10.5 billion league-wide.

This significant spike in the salary cap is attributed to several factors, including the full repayment of amounts advanced by clubs and deferred by players during the COVID-19 pandemic. Furthermore, the increase is bolstered by substantial new media deals coinciding with recent expansions in the regular season and playoffs.

The trajectory of the salary cap over the years underscores its remarkable growth, with the 2024 figure representing a pinnacle in the league’s financial landscape. Notably, the boost in the cap exceeds previous projections, providing relief for teams grappling with salary cap constraints and additional spending power for others.

With the new league year set to commence on March 13, teams have until then to ensure compliance with the salary cap before the onset of the free agency period. Alongside the announcement of the 2024 salary cap, the league has also established franchise and transition tag numbers, offering further clarity on player designations for the upcoming season.