NFL officially approves the 2024 salary cap to a record-breaking number

Seemingly out of nowhere, teams in the NFL have received some amazing news with the NFL Draft and free agency right around the corner. According to multiple reports, the 2024 salary cap has been set to $255.4 million for next season.

This is absolutely wild, and it's about $30 million more than what was on the table for 2023. Obviously, this means that teams are going to have more money to play with in the coming weeks when the new league year starts.

Salary cap news:

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…
— Ian Rapoport (@RapSheet) February 23, 2024

This update has to have countless general managers, if not all of them, fired up. Plenty of teams in both the AFC and NFC were looking pretty strapped in terms of cap space leading up to what should be an exciting March, but this cap update has provided plenty of relief.