The NFL’s Salary Cap Could See a Massive Jump in 2024
In 2023, the NFL salary cap made a leap of $16.6 million from $208.2 million to $224.8 million.
This leap was not quite as dramatic as what we saw in 2022 when the cap jumped $25.7 million. However, that was largely because of the fact that the salary cap actually fell in 2021 in the wake of the COVID-19 pandemic. It has been expected that the cap would take another large jump in 2024, but as of late, reports have suggested that the league could see an even bigger leap this year than last.
The Salary Cap Could See a Massive Jump in 2024
Mike Florio of Pro Football Talk laid it out in a recent article, writing, “For now, multiple sources have indicated that the teams expect the 2024 cap to be in the neighborhood of $242 million and $243 million. Another source, in response to that number, had this reaction: ‘More.'”
A rise to $243 million would entail a jump in the neighborhood of $19 million. Outside of the 2022 season, this would be the largest increase the salary cap has seen since it was installed back in 1994. It could end up being even higher, though. The Pro Football Talk account tweeted following the release of the article, “Another source says it will be closer to $250 million than $243 million.”
If the salary cap were to jump up to $250 million, it would be a truly massive influx of cash to be used on players hitting the open market via free agency. A cap increase of that much would rival that of 2022 without having a drop of $15.7 million the year before.
For the Vikings, this will impact them in a number of ways. Firstly, and most obviously, if the salary cap were to approach $250 million, Minnesota would see cap room of up around $30 million to utilize in free agency. This would make it much easier for them to bring in veteran players to help their roster.
It could also go the other direction, though. Not only would Minnesota have an influx of cash to spend, but so would the other 31 teams in the league, thus making the free agency market that much more competitive.
As a result, it could get even tougher for the Vikings to retain players like Kirk Cousins and Danielle Hunter. Depending on the contracts that get thrown out at the wide receiver position, it could impact Justin Jefferson’s demands for his contract extension as well.
Overall, the salary cap won’t be officially established for awhile yet. Florio suggests that the amount could be announced following the NFL scouting combine next week.
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Editor’s Note: Information from Over the Cap and Spotrac helped with this article.
Josh Frey is a Class of 2020 graduate of The College of Idaho and managing editor of PurplePTSD.com. When he’s not writing about the NFL, Josh enjoys running, gaming, or rooting for the Milwaukee Brewers and Bucks. Check out his Twitter account: @Freyed_Chicken.