Earlier this afternoon, the NFL announced that the 2024 Salary Cap will be $255.4 million per club, with an additional $74 million per club payment for player benefits, which includes Performance Based Pay and benefits for retired players. Total 2024 player costs will be $329.4 million per club, or more than $10.5 billion league-wide.
The unprecedented $30 million increase per club in this year’s Salary Cap is the result of the full repayment of all amounts advanced by the clubs and deferred by the players during the Covid pandemic as well as an extraordinary increase in media revenue for the 2024 season.
Now, before Packers fans start having images of high priced free agents suddenly being on offer next month remember two things:
1. They're still the Packers, and will operate accordingly.
2. Every other team has the benefit of this increase.
That said, it will be interesting to see how the Packers approach an offseason that should certainly open up a few opportunities when it comes to not only filling a roster hole or two in free agency, but locking up and extending some of their own guys.
Teams have until 4 p.m. et on March 13th, when the new league year begins, to get under the salary cap before the free agency period officially opens, with the "legal tampering" period beginning March 11th.
As for where the Packers currently stand cap-wise, [URL=https://twitter.com/KenIngalls/status/1761090456723525841" target="_blank]Ken has you covered[/URL]:
Without adjusting for the estimated increases for ERFAs, draft picks, or their proven performance escalators.
I now have the Packers at $2.8M under the cap today, while effectively being $15.5 over the cap for the start of the season.
— Ken Ingalls - Packers Cap 💰 (@KenIngalls) February 23, 2024
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