NFL salary cap leaps to $255.4M in 2024

The salary cap for the 2024 NFL season will be $255.4 million per club, the league announced in a statement obtained by NFL Network's Mike Garafolo.

An additional $74 million will be given per team for player benefits, which include performance-based pay and benefits for retired players. The total 2024 player costs will be $329.4 million per club, or $10.5 billion league-wide.

The unprecedented $30-million increase from the 2023 salary cap is a result of the full repayment of all amounts advanced by the clubs and deferred by players during the COVID-19 pandemic, as well as the increase in media revenue for the upcoming season.

Several teams were working under the assumption that the cap number for next season would fall between $242 million and $245 million, per ESPN's Dan Graziano. However, with the figure exceeding projections, it could change the strategy for many clubs ahead of free agency.

The Washington Commanders are currently projected to have the most cap space available this offseason with $87 million, per Over the Cap. The Buffalo Bills are currently $41.7 million over the cap limit.

Teams will have until 4 p.m. ET on March 13, prior to the start of free agency and the new league year, to get under the salary cap.

The league also released each positional valuation for players who receive the franchise tag, in a memo obtained by NFL Network's Tom Pelissero.

The figures for the fifth-year option for 2021 first-rounders, who include Trevor Lawrence, Ja'Marr Chase, and Micah Parsons, among others, were also revealed Friday, per Pelissero. Clubs have until May 2 to exercise the options.