NFL announces historic jump in salary cap for 2024

The Packers and every NFL team will have a bit more breathing room than outsiders may have expected. 

Earlier this afternoon, the NFL announced 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.

Now, before Packers fans start having images of high priced free agents suddenly being on offer next month remember two things:

1. They're still the Packers, and will operate accordingly. 

2. Every other team has the benefit of this increase. 

That said, it will be interesting to see how the Packers approach an offseason that should certainly open up a few opportunities when it comes to not only filling a roster hole or two in free agency, but locking up and extending some of their own guys. 

Teams have until 4 p.m. et on March 13th, when the new league year begins, to get under the salary cap before the free agency period officially opens, with the "legal tampering" period beginning March 11th. 

As for where the Packers currently stand cap-wise, Ken has you covered:

 

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Comments (3)

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Starrbrite's picture

February 23, 2024 at 12:32 pm

That’s a good thing—right?
I’ve said this many times previously—I trust nothing about the salary cap. It appears there are several cap abusers who seem never to have an issue with signing as many players as they need/want—-the 9rs come to mind—the proverbial Yankees and/or Dodgers of the NFL. Buy a SB.
Go Packers!!!

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Coldworld's picture

February 23, 2024 at 12:40 pm

Generally has been soon swallowed by rises in contracts. Agents aren’t dumb. Should help us get under the bar for the start of the league year and maybe add a mid tier FA or reduce the amount we need to push into future years.

The one thing that I don’t know from this article is whether the Covid payback is a one year bump. If the cap is expected to be stagnant next year then the increase may have to be managed more carefully than if it’s just a return to the curve.

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Tundraboy's picture

February 24, 2024 at 03:59 pm

So it's like a credit line increase. Don't go spending like a drunken sailor though.

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