Kansas City Chiefs secure a big win before free agency with salary cap increase for the 2024 NFL season
The NFL announced an unprecedented increase for the 2024 NFL salary cap on Friday. During the 2010s decade, the NFL salary cap had been roughly growing at a pace of around $10 million per year. Things changed during the COVID-19 pandemic, but now we're seeing a normalization and a major increase all at once. Here is […]
The NFL announced an unprecedented increase for the 2024 NFL salary cap on Friday.
During the 2010s decade, the NFL salary cap had been roughly growing at a pace of around $10 million per year. Things changed during the COVID-19 pandemic, but now we're seeing a normalization and a major increase all at once.
Here is the NFL's official statement on the increase:
​The NFL announced today that the 2024 Salary Cap will be $255.4 million per club, with an additional $74 million per club payment for player benefits, which includes Performance Based Pay and benefits for retired players. Total 2024 player costs will be $329.4 million per club, or more than $10.5 billion league-wide.
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.
Chiefs will benefit from NFL salary cap increase
This $30M increase was entirely unexpected by the NFL community.
Initial reports put it around $245M for the 2024 NFL season. Over The Cap estimated $243.5M. NBC Sports recently reported a $250M cap number. The jump to $255.4 million gives the Chiefs much more money to get things done with key players like Chris Jones and L'Jarius Sneed.
Before the team takes any sort of salary cap-clearing measures such as extending players under contract, restructuring Patrick Mahomes' contract, or releasing WR Marquez Valdes-Scantling, the team finds itself in a good spot financially. They're now expected to have $27.6M in cap space for the 2024 NFL season without making any of those additional moves.
Not only does that have the potential to impact deals for Sneed and Jones, but that cap number also could give the Chiefs opportunities to re-sign players like Drue Tranquill, Donovan Smith, and Mike Edwards. It also opens up possibilities when it comes to acquiring new players in free agency, like a coveted wide receiver.
Of course, every other NFL team benefits in some way from this bump, too. However, those teams aren't back-to-back champions. They don't get the luxury of their head coach texting pictures of the Lombardi Trophy to players convincing them to join the team on their quest for a three-peat.
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