2024 NFL Salary Cap: 5 teams with the most cap space after league's $255,400,000 decision feat. Patriots, Bengals and more
All eyes were on the NFL salary cap announcement on Friday, February 24, as teams waited with bated breath to learn how much of a bump we'd see this year. The NFL did not disappoint in that respect.
The league announced that the salary cap for 2024 comes in at a massive $255.4 million, granting several teams some breathing room as they look to work their cap magic this time around.
What was the NFL's salary cap in 2023?
The league's stunning announcement means we have now seen a record jump in the salary cap. Last year's cap clocked in at $224.8 million - 2024's ceiling represents a $30.6 million increase, the largest year-to-year bump in free agency history.
In a statement on its website, the league said:
"The giant leap in the salary cap is partially the result of the full repayment of all amounts advanced by the clubs and deferred by the players during the COVID-19 pandemic, as well as significant new media deals coinciding with recent regular season and playoff expansion."
It's important to note that the NFL signed a deal with its broadcast partners back in 2021 that was worth a reported $110 billion over 11 years.
NFL's salary cap increase over the years
NFL teams with the most cap space after 2024 salary cap increase (numbers via Over The Cap)
The top three teams with the most cap space have lottery picks in the 2024 NFL Draft, with all three in need of a franchise quarterback. The Chicago Bears, in particular, have a decision to make when it comes to Justin Fields. With Caleb Williams available for the taking, the Bears will need to decide if they want to move on from their incumbent QB in time and set a price on Fields.
Per Sportskeeda's Tony Pauline, the Steelers, Falcons and Raiders are all interested in a potential trade for the Bears quarterback.
The Commanders, on the other hand, will look to make a statement to kick off the Josh Harris era. The new franchise owner took over for the much-maligned Dan Snyder and will be eager to get off to a decent start in his first draft as an owner.
The Patriots also have some decisions to make in their first draft in over two decades without Bill Belichick at the helm. With a whole new coaching staff taking over with Jerod Mayo, the Patriots are in dire need of a franchise quarterback, though picking Marvin Harrison Jr. at #3 hasn't been ruled out just yet.