Buckle up because business is booming and free agency will vehemently command headlines within the next three weeks as the 2024 NFL off-season begins.
The NFL announced the 2024 Salary Cap will increase to a record-setting $255.4 million per team, which is well beyond the original estimates as well as the 2023 Salary Cap of $224.5 million. An additional $74M per team payment will be designated for player benefits, including retirees and Performance Based Pay for active players. The total player costs will be $329.4M per team.
This unprecedented $30.6M increase skyrocketed due to the outcome of the phenomenal media revenue set for teams this season and to resolve the full repayment advanced by teams and deferred by the players during the COVID-19 pandemic.