NFL salary cap to be record $255.4 million this year
Many in the industry projected the cap for 2024 would be in the range of $242 million so the big jump will help teams like the Buffalo Bills.
The NFL announced Friday its 2024 salary cap will be a league-record $255.4 million, an increase of more than $30 million from last year.
Many in the industry projected the cap for ’24 would be in the range of $242 million, so the big jump will help teams like the Buffalo Bills.
According to the industry website Over The Cap, the Bills are now $41,742,609 over the cap, most in the league. The Bills are one of seven teams who are over the cap and they must be compliant by March 13 to conduct business.
In addition to roster cuts, the Bills are expected to create space – and spending flexibility – by reworking the contracts of several players by converting base-salary money into signing- and roster-bonus money. That will add “voided” years to the contract, but lower this year’s cap hits.
For example, quarterback Josh Allen is due a base salary of $23.5 million, receiver Stefon Diggs $18.5 million and defensive end Von Miller $17.145 million.
The top five teams in cap space are Washington ($87,049,626), New England ($82,927,006), Chicago ($80,396,157), Tennessee ($78,648,381) and Cincinnati ($72,836,373).
In their announcement, the league said the cap increase “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 the extraordinary increase in media revenue for the 2024 season.”
Including performance-based pay – money allocated to players whose play-time was deemed to exceed their salary – and other benefits, total 2024 player costs will be $329.4 million per club (more than $10.5 billion league-wide).
The salary cap was $198.2 million in 2020, but was lowered due to the pandemic to $182.5 million in ’21. As the league returned to full revenues and a new television deal, the cap increased from $208.2 million in ’22 to $224.8 million last year and this year’s record number.
The increase of $30.6 million is the most year-to-year since the NFL instituted the cap in 1994 (not including 2010, which was an uncapped season).
The league’s broadcast agreements with Amazon, CBS, ESPN/ABC, Fox and NBC are $100 billion over 10 years (2023-33).