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NFL teams and players received major news on Friday with a major hike in the updated salary cap.
The league confirmed the new salary cap for the 2024 season will be raised to $255.4 million per team with an additional $74 million per club payment for play benefits. That is greater than a $30 million hike from the 2023 cap of $224.8 million.
The NFL described that rise in salary cap as “unprecedented” and described the cap as “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.”
Salary cap news:
The NFL announced that the 2024 Salary Cap will be $255.4M per club, with an additional $74M per club payment for player benefits, which includes Performance Based Pay and benefits for retired players. Total 2024 player costs will be $329.4M per club, or more…
— Ian Rapoport (@RapSheet) February 23, 2024
The salary cap has risen dramatically in recent seasons after taking a dip from 2020 to 2021. After falling to $182.5 million in 2021, the cap eclipsed $200 million for the first time in 2022 and is now above $250 million 2 years later.
Salary cap for the 2024 NFL season will be $255.4 million per team. pic.twitter.com/QhIYihU6m0
— Adam Schefter (@AdamSchefter) February 23, 2024
The salary cap number is key for every team leading into a new season, and it will impact how teams prepare to make a run at a Super Bowl title. Fans can gear up for another NFL season and the latest NFL Draft odds with SDS’s Caesars Sportsbook North Carolina links ahead of the live NC launch.
Paul Harvey lives in Atlanta and covers SEC football.
