Countdown to Free Agency ’24 – Important NFL Offseason Dates

While the 2024 league year does not technically begin until March 13^th, there are many key calendar dates that are part of the NFL offseason process.  The following are the key dates on the league calendar between now and week 1 of the NFL season.

FEBRUARY 12^th – As of the Monday after the Super Bowl, teams are allowed to start releasing players without any repercussion on the 2023 Salary Cap.  So teams will soon start making moves with the aim of improving their Salary Cap for 2024. All veteran players with more than four (4) accrued seasons are immediately free agents and not subject to waivers. All non-vested veterans (i.e. less than four (4) accrued seasons) are subject to waivers. If they clear waivers, they immediately become free agents and are free to sign a contract at any time (even if before March 13th).

With the new league year set to commence on March 13^th, expect the Ravens (and most teams) to start making moves at some point in early March.

FEBRUARY 19^th – The contracts for G Kevin Zeitler, RB Gus Edwards, WR Nelson Agholor, CB Rock Ya-Sin and Safety Geno Stone will void if not re-signed before this date. This will cause the acceleration of the prorations from void years onto the 2024 Cap.  If none are re-signed before that date, the Ravens will carry almost $10M in dead money on the Cap due to the void years.

FEBRUARY 27^th – MARCH 4^th – NFL Draft Combine.

EARLY MARCH – The date that the NFL has announced the list of Compensatory Draft picks have varied over the years from the Friday of the NFL Combine to more recently, just before the new league year (March 10^th in 2020 and 2021; March 15^th in 2022 and March 9th in 2023).  After not receiving a Comp pick in 2023 (for the first time since 2010), the Ravens are expected to receive a 4^th round Comp pick for last March’s free agent loss of Guard Ben Powers.

FEBRUARY 20^th – MARCH 5^th – As of February 20^th, teams can begin designating pending Unrestricted Free Agents (UFAs) with the Franchise or Transition Tag.  If a team wants to use either Tag, they must do so by 4:00 pm on Tuesday, March 5^th.   This year, the main candidate for the Tag would be DT Justin Madubuike.  Given what will be a tight Salary Cap, the Ravens will hope to reach an agreement on a long-term deal before then since the Tag for Madubuike would be close to $20M.

MARCH 11^th – The “legal tampering” window opens.  As of March 11^th at Noon, teams and pending UFAs can start discussing contract offers and terms with potential free agents, though a contract cannot be agreed upon (*wink-wink*) until March 13^th.

MARCH 13^th – At 4:00 pm on Wednesday, March 13^th, the 2024 league year begins:

• Teams must have submitted tender offers to all of their Restricted Free Agents (RFAs) and Exclusive Rights Free Agents (ERFAs) who they want to retain.
• Teams must exercise all 2023 contract options tied to the first day of the league year.
• Free agency begins for Unrestricted Free Agents (UFAs) and Restricted Free Agents (RFAs)
• The trading period begins.  Any trades agreed to before this date can now be officially consummated.
• All teams must be under the Salary Cap and the Rule of 51 Cap computation begins.

The 2024 Salary Cap has yet to be officially announced but most reports are expecting it to be in the $240-245M range.  The Ravens presently have around $10M in Cap space. This number will obviously change between now and March 13^th as the Ravens make other moves – ERFA tenders, signing, re-signings, restructures and/or contract extensions – aimed at creating additional Cap space.

MARCH 18^th – 5^th Day of League Year – if on the Ravens’ roster at 4:00 pm on Monday, March 18^th, the following contract triggers hit:

• OT Ronnie Stanley’s $4M Roster Bonus is due (this is a big date for the Ravens/Stanley).
• TE Mark Andrews’ $4M Roster Bonus is due.
• $6.5M of CB Marlon Humphries’ $11.75M 2024 base salary becomes fully guaranteed.
• LB Roquan Smith’s 2025 base salary becomes fully guaranteed.
• QB Lamar Jackson’s 2025 base salary becomes fully guaranteed.

APRIL 19^th – The deadline for teams to sign RFAs to an offer sheet.  If another team signs a RFA to an offer sheet, the player’s present team has 5 days to match that offer or potentially (depending on the tender given to the play) receive draft pick compensation if they decline to match.  With the draft starting on April 25^th, the deadline to sign a player to an offer sheet and allow for the required 5-day match period is April 19^th.  The Ravens do not have any RFAs this year.

ARPIL 25^th-27^th – the NFL Draft, to be held in Detroit this year.

The Ravens will have the 30th overall pick in the first round and presently are expected to have 8 total picks in the 2024 draft.  They presently have their 1st, 2nd, 3rd, 4th, 5th and 7th Round picks. The Ravens traded their own 6th (2023 draft day trade – Andrew Vorhees) and acquired the Jets’ 7th (for Chuck Clark).  The Ravens are also expected to receive a 4th Round Compensatory Pick for the 2023 loss of G Ben Powers.

MAY 2^nd  – May 2^nd is the CBA-mandated date (Monday after the NFL draft) by which 5^th Year Options must be exercised for 4^th year players who were drafted in the 1^st round.  For the Ravens, this would be the deadline to exercise the 5^th Year Options for WR Rashad Bateman and EDGE Odafe Oweh.  The Ravens did not exercise LB Patrick Queen’s 5^th Year Option last year and given the costs of the fully guaranteed options, it seems likely that they will decline the options for both Bateman (~$13.5M) and Oweh (~$12M) as well.

MAY 1^st – The “May 1^st Tender” date.  This date, which was moved forward from June 1^st a couple of years ago, is essentially the last date that the signing or losing of a free agent will count toward the Compensatory Draft pick calculation. The May 1^st Tender is also a way a team can potentially obtain exclusive negotiating rights with a player later in the summer (after July 22^nd).  It also provides extended Comp pick eligibility if the player is tendered a contract of at least 110% of his prior year’s compensation by May 1^st.  Otherwise, if the player is not given the Tender, he no longer counts toward the Comp pick formula and the team does not gain any special negotiating advantage later in the off season.

JUNE 1^st – This is the last day that teams can release a player and have all of the dead money from that release count against the present year’s Salary Cap.  If released after June 1^st, only the present year’s bonus proration counts against the Cap in that year and all future bonus prorations would count against the following year’s Cap.

JULY 15^th – This is the deadline for signing a player who has received the Franchise or Transition tag to a long-term deal.  If no long-term deal can be reached by this date, the player must play that year under the 1-year contract provided under the Franchise/Transaction Tender and cannot sign a long-term deal until after the season is over.

LATE JULY – NFL training camps start opening.

AUGUST 31^st – Final cutdown date, all teams must cutdown to 53 players.

SEPTEMBER 1^st  – At 12:00 a.m., the Rule of 51 ends and all teams must be fully under the 2024 Salary Cap.  This includes all of the players on the 53-man roster, the Practice Squad and all players on any of the reserve lists (IR, PUP, etc.).

SEPTEMBER 5^th, 8^th-9^th – Week 1 of 2024 NFL regular season.

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