NFL teams who find themselves tight against the salary cap entering the offseason just received positive news from the league. In 2021, the NFL salary cap was set at $208.2 million. On Monday, the NFL announced the 2023-24 salary cap would be set at a new record-high of $224.8 million, a $16.6 million increase over last year’s amount.
There are a few reasons for this sharp increase. Of course, inflation is one, but also a new NFL revenue-sharing agreement along with fresh media contracts in addition to a 17th regular season game are all factors leading to the higher spending limit. With a new NFL Sunday Ticket package signed, expect next year’s cap to be even higher.
Each year we see teams reset the market in free agency, making their new prized acquisition one of the highest-paid players at their position. Based on the large salary cap increase, which was expected, this offseason will be no different when it comes to star players receiving massive contracts.
With superstar quarterbacks like Lamar Jackson and Tom Brady set to sign new contracts, we could very well see some new records set as well.
One team who has a ridiculous amount of cap space and will surely look to make several additions to their roster is the Chicago Bears, who stand to have over $100 million in cap space. Yet other teams, such as the Atlanta Falcons, Cincinnati Bengals, and New York Giants are all expected to have over $45 million to spend as well.
On the other end of the spectrum are teams like the New Orleans Saints and Tampa Bay Buccaneers, who both need a new QB, but are stuck in the mud by being over $50 million over the salary cap spending limit. In other words, the Saints and Buccaneers will need to continue shedding payroll before they can start spending.