How the NFL's salary cap increase directly affects the Tennessee Titans' plans for the 2024 offseason
NFL teams, rejoice! You all just got a whole lot richer, thanks to the latest NFL news revolving around the report that the salary cap will increase by $30 million in 2024. Per the league, this year's cap comes in at a robust $255.4 million. Places like Over The Cap and Spotrac projected an amount of $242 […]
NFL teams, rejoice! You all just got a whole lot richer, thanks to the latest NFL news revolving around the report that the salary cap will increase by $30 million in 2024.
Per the league, this year's cap comes in at a robust $255.4 million. Places like Over The Cap and Spotrac projected an amount of $242 million, which is obviously far less than the official number.
Via statement, the NFL says the historic 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 an extraordinary increase in media revenue for the 2024 season."
Each club will also receive an additional $74 million for player benefits that includes Performance Based Pay and benefits for retired players. In all, teams will spend $329.4 million, each, and the league will spend $10.5 billion on total player costs in 2024.
So, how does this all affect the Titans? We're glad you asked.
A few more doors just opened for the Titans in free agency
The Titans recently incurred more than $18 million in dead cap thanks to Ryan Tannehill's, Derrick Henry's, Sean Murphy-Bunting's, and Azeez Al-Shaair's voided contracts. $13 million off that number is obviously huge and opens a few more doors for second-year general manager Ran Carthon and new head coach Brian Callahan.
Per OTC, the Titans now have $78,648,381 in projected cap space, which is the fourth-most in the league. Tennessee had around $65 million before the announcement. They also have $72,534,425 in projected effective cap space, which is the amount of cap room left after the projected cost of signing the draft class.
Could the Titans use the extra money to re-sign Derrick Henry? Outbid the Cincinnati Bengals for Tee Higgins, potentially? Or maybe bring in one of the top cornerbacks in L'Jarius Sneed?
It remains to be seen, but the Titans are in even better shape than they were just 24 hours ago and they didn't even have to lift a finger. That's always a huge win in the NFL.
