The NFL has announced the salary cap number for the 2024 season, and it is even higher than most expected it to be.
The cap figure came out to be $255.4 million for 2024, which is easily a record. That is a jump from $224.8 million last year, and marks the largest year-to-year increase since the cap was introduced 30 years ago.
Salary cap for the 2024 NFL season will be $255.4 million per team. pic.twitter.com/QhIYihU6m0
— Adam Schefter (@AdamSchefter) February 23, 2024
This also means that figures for franchise and transition tags will be higher than expected. Fifth-year options on rookie contracts will jump to above $20 million at most premium positions, with the Jacksonville Jaguars now facing a $25 million decision on Trevor Lawrence.
With the NFL announcing a record $255.4 million salary cap, franchise and transition tag numbers are also locked in. From a memo to clubs today: pic.twitter.com/SkUHnY8sPh
— Tom Pelissero (@TomPelissero) February 23, 2024
And here are the fifth-year option numbers for 2021 first-round picks — a list including Trevor Lawrence, Ja’Marr Chase, Jaylen Waddle, Penei Sewell, Pat Surtain II, DeVonta Smith, Justin Fields and Micah Parsons, among others.
Teams have until May 2 to exercise the options. pic.twitter.com/DHbJUB5sQQ
— Tom Pelissero (@TomPelissero) February 23, 2024
The cap is based on league revenue figures, and it was expected to increase. This figure, however, is much higher than even the most aggressive projections. The expectation was that the cap would come in somewhere between $240 and $250 million. Even the latter figure was an outlier among projections, but even it turned out to be too low.
One thing we can safely assume is that quarterback salaries are about to go up again. That is good news for at least one player who might be in line for a new deal this offseason.
