NFL salary cap for 2024 rose even higher than anyone imagined

The NFL offseason is underway, and teams are gearing up for a potentially transformative spring. Several important free agents populate the market, while major trade candidates could reshape the competitive landscape in 2024.

Every front office received a miraculous bit of news on Friday. According to Ian Rapoport, the NFL salary cap for the new season will sit at $255.4 million for each team, with an additional $74 million set aside to cover player benefits. That represents a roughly $30 million increase per club compared to last season. That is a huge development.

Why the sudden spike? Well, it's due to a combination of factors.

"The unprecedented $30M increase per club in this year’s Salary Cap is 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."

With the COVID pandemic finally in the rearview mirror — at least financially — the league is more liquid. That, combined with a spike in revenue (thank you Taylor Swift?) has left teams with more cash to burn in free agency.

NFL salary cap increases roughly $30 million per team

This news completely changes the offseason calculus for a lot of teams. Free agents once thought to be too expensive are suddenly affordable. Teams once thought to be in cap hell are suddenly more flexible. This sets the stage for a lot of unexpected contract extensions, blockbuster trades, and splashy free-agent additions.

We already know a ton of top-tier running backs are soon to be available. Justin Fields has been in trade rumors for months. Kirk Cousins, Baker Mayfield, and the QB position will land a bountiful payload in free agency. Chris Jones, Danielle Hunter, Jaylon Johnson, Chase Young — a ton of massive contracts are on the horizon.

On the extension front, Dak Prescott will continue to garner headlines. He has full control over the situation in Dallas.

We won't know the extent to which the expanded salary cap impacts the offseason until after the fact, but we should collectively prepare for a flurry of moves. Changes are coming down the pipeline, and fast.