The NFL has officially set the salary cap for 2024 at $255.4M, a massive $30.6 million increase from 2023. The increase is nearly the size of the original salary cap set in 1994 of $34.6 million. While this was in line with our original estimates our revisions based on opinions from various people around the NFL had our cap calculations based on a $242.5 million cap so every team will have a big change on their salary cap pages due to this difference.

I would not expect the changes from this to occur every year. The reason our original estimate was so high was simply because the cap for the last few years has been artificially held down by Covid paybacks. Had Covid not occurred the 2023 salary cap likely would have been around $233 million, so this represents more of a $23M increase over the true baseline. While that is still gigantic it is not the same as a $30 million increase.

This increase, which should represent the influx of new television money, is, on a percentage basis, very similar to how the NFL cap increased the last time the new television contracts hit the salary cap and then the cap grew at a steady pace until Covid hit. So if we are guessing on the future I would say a $23-$26M increase in cap will become the new norm.

As far as what this does around the NFL? Not much. With the exception of the teams in really bad salary cap shape (i.e. Bills, Saints) who get a reprieve the relative buying power of each team remains the same. Tenders will increase over expectations as will proven performance escalators and rookie contracts.

The interesting thing will be how much does this change the asking prices of players in free agency. In the past the increase in the cap has not had that kind of spike in wages, at least immediately. Most positions at the top do not increase at a significantly greater rate than the salary cap (normally those on the lower end see big jumps and then it catches up to the top), but we have also never seen a jump like this.

This is one of the earliest times I can recall the cap being announced. Usually it comes at the tail end of the combine or sometime later. My guess would be because the number was going to be so large the league wanted to get ahead of this before the combine so contract discussions can focus on using the right numbers rather than working with lower figures and having it blow up in everyone’s face a week later and rendering a lot of the work pointless.

This does make for an interesting free agency period. Usually players sign during the open negotiating window and free agency is done before it officially even begins but if teams are not willing to push the top of the market it may be a year where the agents and teams clash more over value. This also should make the franchise players really dig in on holding firm on signing an extension since there is little benefit to signing now unless the team is going to really make a great offer. So it might make for a crazy couple of weeks,

The Saints have a long road to becoming salary cap compliant for 2024 but they have made their their big move since the last week of the regular season with 2024 in mind- restructuring the contract of QB Derek Carr for salary cap relief, per ESPN’s Jeremy Fowler.

The Saints likely converted the maximum ($28.79 million) of Carr’s $30 million salary to a bonus which would reduce his salary cap number by $23.032 million, going from $35.7 million down to $12.67 million. The move will increase Carr’s future salary cap numbers by about $5.76 million per season. Carr’s 2025 salary cap figure is now $51.46 million, 5th highest in the NFL.

His dead money in 2025 now sits at $40.132 million an increase of $23 million from where it originally was. While this certainly does not guarantee him a roster spot in 2025 it will give him a much better chance of maintaining his status as starting QB even if he plays at an average or slightly below average level in 2024.

Since the end of the year the Saints have created a total of $37.513 million in 2024 cap room. In addition to the $23 million from Carr, they have saved $7.18 million with a restructure of Erik McCoy’s contract and deferred $7.3 million to 2025 with a change in effective void date of Jameis Winston’s contract. The Saints are still an estimated $53 million over the salary cap. They rank 31st in estimated cap room ahead of only the Buffalo Bills at a projected $55 million over.

The Seahawks have created some cap room for 2024 according to ESPN’s Field Yates, converting QB Geno Smith’s $9.6 million roster bonus into a signing bonus. The roster bonus was going to be earned on the 5th day of the league year so making the move now allows Seattle to free up $4.8 million of cap room.

Smith’s 2024 cap number dropped from $31.2 million to $26.4 million as part of the restructure. His cap number for 2025 rose from $33.7 million to $38.5 million. If Smith is cut in 2025 his dead money will now be $13.5 million. Smith still has a $12.7 million base salary that can be restructured is more cap room is needed for this year, but there is no real deadline on that conversion.

This restructure puts the Seahawks right around even with the estimated cap for 2024. They have multiple players on the roster whose contracts can be restructured for cap relief and they then have to make decisions on the roster status of Jamal Adams, Will Dissly, and Quandre Diggs. The release of all three would free up around $25 million in cap room. The Seahawks currently rank 22nd in cap space for 2024.

Raiders QB Jimmy Garoppolo has been suspended by the NFL for two games per ESPN’s Adam Schefter.

Raiders QB Jimmy Garoppolo is being suspended two games for violating the NFL’s Performance Enhancing Substances Policy, league sources told ESPN.

The policy violation is related to him using a prescribed medication without having a valid Therapeutic Use Exemption, per sources. pic.twitter.com/NXE6siAYDb

— Adam Schefter (@AdamSchefter) February 16, 2024

This suspension is notable because it should void the $11.25 million salary guarantee that Garoppolo has for 2024 which makes things far easier for the Raiders to release Garoppolo. This will bring his dead money figure down from $28.4 million to $17.1 million and also avoid having to make any cash payments following his release. Garoppolo has a roster bonus due on the 5th day of the league year so his release would be processed before that.

Garoppolo had signed a three year $72.75 million contract with the Raiders last season that was subject to a lot of scrutiny due to protections for an existing injury. The Raiders modified the deal a few times last year before Garoppolo fell out of favor with the team and lost his starting job.

The Chicago Bears began cleaning up their 2024 roster today by making two expected veteran releases to open up a big chunk of cap space for the year.

Safety Eddie Jackson was entering the final year of a four year, $58.4 million extension signed in 2020 that made him the highest paid safety in the NFL at the time. Jackson has battled some injuries the last two years but still played 12 games in each season. Jackson was set to count $18.14 million against the Bears salary cap this year and releasing him will save the team $12.56 million in cap room. Jackson will leave the team with $5.58 million in dead money.

Offensive lineman Cody Whitehair has a nice run with the Bears starting every game he played in from 2016 to 2022 before losing his starting job in 2023. Whitehair had signed a five year extension worth $51.25 million with the Bears in 2019. Whitehair was also in the final year of his contract and was going to count for $13.25 million on the cap. His release saves the team $9.15 million in cap room, leaving behind $4.1 million in dead money.

The combined savings from the two players have moved the Bears to an estimated $67M in cap room. They currently rank 3rd in the NFL in projected cap room.