The NFL offseason is officially underway, as the combine takes place this week, while free agency begins in two weeks. Recently, the NFL announced that the official salary cap figure for 2024 would be $255.4 million -- which is up from $224.8 million. The $30.6 million increase is the largest in free agency history.
The "football business" is doing quite well, which is good news for all 32 NFL teams, as it gives them more financial flexibility for roster building. Some teams will use this boost to be even more aggressive in free agency, while others will sit back and reconsider cost-cutting measures.
Now that we are approaching free agency, this is a good time to revisit the salary cap situations for every team. Let's take a look.
Salary cap figures via Over The Cap on March 2
| Team | Cap space |
|---|---|
$101,771,054 | |
$91,542,471 | |
$78,677,957 | |
$75,675,198 | |
$70,097,840 | |
$69,682,172 | |
$56,842,512 | |
$52,542,221 | |
$48,551,440 | |
$42,035,109 | |
$41,916,729 | |
$40,873,495 | |
$37,647,401 | |
$37,613,002 | |
$35,003,547 | |
$34,751,005 | |
$32,606,580 | |
$29,233,712 | |
$20,705,353 | |
$13,628,514 | |
$12,536,619 | |
$12,167,477 | |
$7,999,755 | |
$6,799,577 | |
$3,462,361 | |
-$285,281 | |
-$10,603,247 | |
-$16,354,889 | |
-$17,134,783 | |
-$25,674,997 | |
-$31,638,623 | |
-$41,313,381 |
It is now the Patriots who have the most cash available, as the release of cornerback J.C. Jackson freed up $14.4 million. Armed with the No. 3 overall pick in the 2024 NFL Draft, New England is in good position to begin the post-Bill Belichick era. The team ahead of them in the draft order, the Commanders, initially led the league in available monies. The Bears are another team sitting pretty this offseason with over $78 million in cap space. They also hold the No. 1 overall pick in the draft for the second straight year.
While the $30.6 million increase was good news, it doesn't mean everyone is out of the woods just yet. There are currently eight teams still above the cap number, which means they will be limited in what they can accomplish in free agency. The teams currently worst off are the Dolphins (-$31,638,623) and the Bills (-$41,313,381).