The Vikings Lost a Huge Chunk of Cap Space…Sort Of
The online discussions about Minnesota’s 2024 cap space have enthusiastically foreshadowed the free agent frenzy due to the projected $50+ million in room (Exhibit A & Exhibit B). More recently, the number looks quite a bit more muted, coming in at roughly $37.3 million.
What happened to roughly $13 million in cap space?
Well, keep in mind that Over the Cap isn’t gospel when it comes to the NFL’s finances. A reliable and authoritative resource? Yes, definitely, but not one that doesn’t see adjustments when needed. A recent article from Jason Fitzgerald explained why the team budgets are looking different when curious readers flip over into 2024.
The Vikings Lost Cap Space (Sort Of)
Moving into the end of 2023 — just a few days remain — means that things are becoming clearer for what football will look like in 2024.
On the field, Minnesota won’t have the services of T.J. Hockenson, D.J. Wonnum, and plenty of others. Off the field, the budget for the team (and league more broadly) is gaining added clarity, as well.
Turning to Over the Cap to see how much room would be in the purple budget in 2024 was always, to a certain extent, about pursuing a plausible fiction. OTC was operating with a projected future budget, one that would be in need of adjusting once more information came to the fore.
Take a look at how Fitzgerald frames things:
Per multiple sources within the NFL that does not appear to be the case and many are working with a salary cap limit for next year of about $242 million and so I will be adjusting the numbers accordingly on OTC. The NFL meetings this week may give more clarity on the range of possible cap limits but there is enough of a consensus at the moment for me to drop the numbers now and then adjust up if there is an indication that they will be higher.
In essence, OTC dropped its projected budget down to $242 million instead of $255 million. And in an instant, the Vikings’ salary cap outlook — at least on Over the Cap — looked quite a bit more modest.
Pay attention, though, to what Fitzgerald goes on to say:
In the grand scheme of things the limit being $242 million, $255 million or anything in between is really meaningless for about 85% of the league. Cap space is all relative and manipulating contracts in the year they are signed to have low cap figures is pretty easy, so losing out on $13 million in projected cap room is nothing to really panic about if you are writing about a team’s prospects for the offseason. In general the “buying power” is not really going to change because of it.
Wise words that we’d best heed. The salary cap is malleable, so Minnesota is going to have plenty of options.
First up on the list of priorities for Minnesota will be the best path forward at quarterback. Joshua Dobbs looks like a goner in Minnesota but Kirk Cousins has a great shot at coming back. Don’t be at all surprised if he’s playing better than ever in 2024; the time off will give him a unique opportunity to digest the game in a purely intellectual manner, which could actually improve his play.
The Vikings will then need make determinations about high-profile players like Danielle Hunter, Jordan Hicks, and Marcus Davenport (among others). Lower-level players like Brandon Powell, David Quessenberry, and Dalton Risner will factor into the budget talks and then Minnesota will need to decide on the best path forward for well-paid veterans like Harrison Smith, Harrison Phillips, Byron Murphy, and Alexander Mattison.
Oh, and there should be a large extension for a receiver who happens to be pretty good at football.
Kwesi Adofo-Mensah, a numbers nerd, is going to be putting in some long hours figuring out the budget. Rob Brzezinski and the rest of the front office will be helping, of course, but the GM is the one who will get the final call on these decisions.
Along the way, Adofo-Mensah will be manipulating the salary cap to position Minnesota for success in both the short term and the long term. Nailing down the official cap total for 2024 will simply be one step in the process.
As of right now, OTC has things down at roughly $37.3 million, but don’t forget that we’re working with a moving target. Any numbers of factors are going to cause that cap space to either diminish or increase, but Fitzgerald’s overarching idea shouldn’t be overlooked. Regardless of where the cap lands, the Vikings are going to be a nice spot to aggressively pursue free agent talent.
Minnesota is projected to have the 14th-most cap space going into 2024.
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K. Joudry is the Senior Editor for Vikings Territory and PurplePTSD. He has been covering the Vikings full time since the summer of 2021. He can be found on Twitter and as a co-host for Notes from the North, a humble Vikings podcast.