There's about to be a lot more money swirling around the NFL. The league's salary cap is expected to increase to more than $240 million in the 2024 season, per NFL Network.
The official figures are not reported to be released until after the new year, but with fans returning to games following the COVID pandemic, the amount of money in pro football is increasing. TV contracts have also been solid in the last few years for the league. That has all contributed to a surging revenue stream. This year's salary cap per team is just under $225 million, which was also an increase from about $208 million in 2022.
“Business is booming, and everyone is finally out of the COVID debt,” a source said, per NFL Network.
The NFL and the NFL Players Association negotiate to set the salary cap. The player's union works to make sure there's not a large one-year spike in the cap that could benefit a smaller group of free agents who are looking for new contracts in that year. The NFL Management Council sent a memo this week to members stating that cap negotiations are ongoing.
“The Management Council and NFLPA are in the process of addressing open matters that will impact the 2024 Salary Cap and therefore will not be able to project a range for the 2024 Salary Cap until those issues are resolved,” the memo said, per NFL Network. “The 2024 Salary Cap will be announced by memorandum, as has been done over the past two years, as soon as we are able to reach agreement but we do not anticipate that occurring until after the New Year.”
The free-agent negotiating period opens in March.