NFL Announces Record-Breaking Salary Cap for 2024

The 2024 salary cap has been set for all 32 NFL teams.

ARIZONA -- The NFL has announced the 2024 salary cap - and as expected, it's a league record.

More from NFL Media's Ian Rapoport:

"The NFL announced that the 2024 Salary Cap will be $255.4M per club, with an additional $74M per club payment for player benefits, which includes Performance Based Pay and benefits for retired players. Total 2024 player costs will be $329.4M per club, or more than $10.5B league-wide," he said.

"The unprecedented $30M 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."

The 2024 salary cap was initially projected to be somewhere between $242 million and $243 million. NBC Sports' Mike Florio was the first to report the possibility of the cap being over $250 million for the upcoming season. 

This is a massive climb from last year, where the cap was at $224.8 million in 2023.

The year before that, the salary cap was $208.2 million in 2022. 

The league has seemingly bounced back from the COVID decline in revenue just fine thanks to media deals and an obvious bump up in money coming in as society somewhat returned to normalcy.