2024 salary cap will be $255.4M, a $30 million increase

That is $13M above what had been projected

The NFL announced on Friday that the 2024 salary cap would be $255.4 million, an unprecedented $30.6 million increase per club. The increase results from the full repayment of all amounts advanced by the clubs and deferred by the players during the COVID-19 pandemic and an extraordinary increase in media revenue for the 2024 season.

Speculation suggested that the salary cap was going to be $242 million,but the $30.6 million increase put each club at $255.4 million, 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.

This positions the Giants in an interesting spot with more cap space than originally anticipated. The Giants are now set to have $32.862 million in cap space, which gives them more flexibility to resign running back Saquon Barkley or safety Xavier McKinney.

Of course, every team will now have more money to bid on players, but the Giants – who were previously cap-strapped – have a little bit more wiggle room. Will that lead them to loosen their offers to Barkley and McKinney?

Here’s a quick look at how the salary Cap has exploded over the years, per ESPN’s Adam Schefter:

And here is NFL Network’s Tom Pelissero showing the locked-in costs for the franchise tag and the transition tag by position:

Business seems to be pretty good in the NFL today.