According to NFL Network’s Tom Pelissero, the NFL will be raising the 2024 salary cap to $255.4 million. This news is well-received for the Denver Broncos who must navigate a difficult salary cap situation over the next couple of seasons.
The NFL announced today 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.
— Tom Pelissero (@TomPelissero) February 23, 2024
The $30 million increase was quite unprecedented, but the NFL explained via Adam Schefter saying 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.