The NFL clarified its financial landscape for teams on Friday by establishing the salary cap ceiling at $255.4 million. With franchise tag figures now locked in, teams can proceed with their offseason planning, understanding their exact financial flexibility. According to Over the Cap, here is the current salary cap space for each team:
1. Washington Commanders: $79.61 million
2. Tennessee Titans: $78.66 million
3. Chicago Bears: $78.34 million
4. New England Patriots: $77.96 million
5. Indianapolis Colts: $72.34 million
6. Houston Texans: $67.58 million
7. Detroit Lions: $57.61 million
8. Arizona Cardinals: $51.1 million
9. Cincinnati Bengals: $50.67 million
10. Tampa Bay Buccaneers: $43.68 million
11. Los Angeles Rams: $43.11 million
12. Las Vegas Raiders: $42.94 million
13. Minnesota Vikings: $35.81 million
14. Carolina Panthers: $34.57 million
15. Atlanta Falcons: $33 million
16. New York Giants: $30.8 million
17. Philadelphia Eagles: $27.35 million
18. Jacksonville Jaguars: $24.68 million
19. Kansas City Chiefs: $18.19 million
20. Baltimore Ravens: $16.63 million
21. Seattle Seahawks: $12.97 million
22. New York Jets: $12.76 million
23. Pittsburgh Steelers: $9 million
24. Green Bay Packers: $2.3 million
25. San Francisco 49ers: $5.07 million over the cap
26. Cleveland Browns: $7.76 million over
27. Dallas Cowboys: $9.86 million over
28. Denver Broncos: $16.81 million over
29. Los Angeles Chargers: $25.61 million over
30. Miami Dolphins: $27.92 million over
31. New Orleans Saints: $42.11 million over
32. Buffalo Bills: $43.82 million over
All teams must be cap compliant by the start of the new league year, with potential cost-shedding moves, cuts, restructures, and extensions available as tools to carve out space ahead of free agency. The unexpected $30 million spike from 2023 provides additional spending power for teams leading in cap space and eases the task for those at the bottom of the list. However, the decision to spend more on backloaded contracts carries inherent risks, and teams are urged to carefully plan their financial strategies with the higher-than-expected salary cap ceiling in mind. Teams with high quarterback cap hits, like the Cowboys and Browns with Dak Prescott and Deshaun Watson, respectively, face the challenge of working out deals to lower those figures for the 2024 season. The news of the increased salary cap adds complexity and intrigue to each team’s financial planning.