Business is good for the National Football League as we enter NFL games today with the final weeks of the regular season winding down. While teams are focused on Week 14, there is reportedly reason for excitement for the future thanks to the 2024 NFL salary cap.
The NFL salary cap has climbed every year outside of the COVID-19 pandemic when the league needed to account for billions of dollars in lost revenue. However, the NFL recovered quickly with its salary cap for all 32 teams increasing by tens of millions of dollars in each of the last three years.
Related: Highest-paid NFL players
NFL salary cap by year
- 2024: $240-plus million (projected)
- 2023: $224.8 million
- 2021: $208.2 million
- 2020: $182.5 million
- 2019: $188.2 million
- 2018: $177.2 million
- 2017: $167 million
- 2016: $155.27 million
- 2015: $143.28 million
- 2014: $133 million
Nearly a decade removed from the NFL salary cap in 2024 being $133 million, when the league’s highest-paid quarterbacks made less than $21 million per season, the 2024 NFL salary cap is expected to eclipse the mark from a decade ago by more than $100 million.
According to Ian Rapoport and Tom Pelissero of NFL Network, the 2024 NFL salary cap is expected to exceed $240 million. The news comes directly from the NFL Management Council which informed all 32 clubs that they’ll be provided with an official 2024 projection at the Winter League Metting next week.
“Business is booming, and everyone is finally out of the COVID debt.”
League source to NFL Network on the increasing 2024 NFL salary cap
When will the 2024 NFL salary cap be announced?
While the NFL’s 2024 salary cap projection will likely be close to accurate, it will be a long wait before the official number is announced. The NFL informed teams that a definitive 2024 salary cap likely won’t be determined until January.
An increase in the salary cap by $15-plus million won’t come as a surprise to anyone in the league. With TV rights contracts that will generate more than $100 billion in revenue by the end of 2031 and football as popular as ever, the NFL is making money at a record-setting pace.
While the owners are already cashing in on the historic revenue, the money is coming for the players. Quarterbacks like Dak Prescott and Trevor Lawrence are eligible for contract extensions next spring, with both players expected to land multi-year deals worth more than $51 million annually.
Likewise, upcoming NFL free agents like All-Pro defensive tackle Chris Jones, Pro Bowl running back Saquon, Barkley and defenders Brian Burns, Christian Wilkins and Josh Allen could all land deals in the range of $25-$30 million per season. Best of all for everyone involved in the NFL, the salary cap is projected to keep climbing at this pace in the years to come.
