The NFL’s salary cap for 2024 will be $255.4 million, up a record $30.6 million from last year.
The cap number has gone from $198.2 million in 2020 to $182.5 million in 2021 following the COVID-19 pandemic. It increased to $208.2 million in 2022 and $224.8 million last year.
“The unprecedented $30 million 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,” the league said in a statement.
In an effort to become cap compliant, the overextended New Orleans Saints restructured the contracts of quarterback Derek Carr and at least two offensive linemen, including Pro Bowl center Erik McCoy.
In doing so, the Saints converted $28.79 million of quarterback Derek Carr's 2024 salary into a signing bonus to clear up $23.02 million of cap room on Friday.
A day earlier, the team converted $8.475 million of McCoy's salary and a $500,000 roster bonus into a signing bonus, adding one void year, which freed up $7.18 million.
Teams are heading into next week’s NFL combine and preparing for the free agency period to open March 13 with an opportunity to spend more freely.
The increased cap total could impact how teams use the franchise tag. The 15-day window to apply the tag to impending free agents began on Feb. 20.
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