NFL announces more than $30M salary cap increase for 2024 season

The NFL announced Friday that the 2024 Salary Cap will be $255.4 million per club, an increase of more than $30 million from last season, per Tom Pelissero of NFL Network.

An additional $74 million per club payment for player benefits, which includes Performance Based Pay and benefits for retired players is included as well, Pelissero noted. Total 2024 player costs will be $329.4 million per club, or more than $10.5 billion league-wide, according to Ian Rapoport of NFL Network.

“[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 NFL said in a statement.

The $255.4 million figure is high, though it’s exactly what Pelissero and Rapoport forecasted back in December after the Winter League Meeting took place. The expectation was that the salary cap would exceed $240 million, with additional revenue rolling into future caps. For reference, the 2022 salary cap sat at $208.2 million. Last season, that number rose to $224.8 million.

NFL teams get a break with salary cap increase

The big increase is an advantage for NFL teams with tons of cap space already and those who perhaps are looking to balance their books before the season begins. One of those teams are the New Orleans Saints, who got to work this week on getting cap compliant.

The Saints agreed to a contract restructure with quarterback Derek Carr to free up significant cap space. New Orleans, the NFL team most in the red for 2024 cap space, will clear around $23 million from Carr’s restructuring, according to ESPN insider Jeremy Fowler.

Carr originally signed a four-year, $150 million deal with the Saints last offseason following his release from the Las Vegas Raiders. The Saints owed Carr a base salary of $30 million for 2024 but by converting a large portion to a signing bonus, he’s helping his team out. New Orleans also converted Pro Bowl center Erik McCoy’s salary and roster bonus to free up $7.18 million in 2024 cap space.

The Saints are currently $38,842,847 over the cap.