Colts’ Offseason Plans Receive Boost from NFL Salary Cap News
The NFL has announced that they're increasing the 2024 Salary Cap for all 32 teams, the Indianapolis Colts included.
NFL insider Ian Rapoport shared the news.
Rapoport said on X:
"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 than $10.5B league-wide."
Rapoport continued to detail the update:
"The unprecedented $30M 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."
This bump undoubtedly makes things a bit easier for Indianapolis with available money for talent to potentially add. As of now, the Colts rank sixth in the league in available cap space with $79,250,395 per Spotrac.
Given how Indy must evaluate notable in-house free agents like wide receiver Michael Pittman Jr., defensive tackle Grover Stewart, cornerback Kenny Moore II, and strong safety Julian Blackmon, this increase helps with the situation.
Also, this update in the league cap could affect any Colts players who receive a franchise tag.
NFL Network's Tom Pelissero breaks it down.
Pelissero posted on X:
"With the NFL announcing a record $255.4 million salary cap, franchise and transition tag numbers are also locked in. From a memo to clubs today."
While the tag can be applied to any Colts free agent, it's most likely to happen to Pittman if a contract can't be agreed upon by the deadline of March 5th.
Based on the metrics, Pittman would be owed $21,816,000 for one season, fully guaranteed.
It also might be passed on by general manager Chris Ballard, who alluded to not wanting to use it but would if needed to retain Pittman for a year.
The increase in team money also gives the squad more options in free agency.
In 2023, it was glaringly apparent that the offense lacked explosive pass-catchers to help Pittman and Josh Downs, as well as reliable corner play outside of Moore.
They also had depth issues in areas during the campaign that were exploited by opposing teams on offense and defense.
Ballard typically isn't a big spender in free agency, but this might change things with the new finances available.
There is a solid number of options both at the top and middle of available free agents, giving the Colts more ways to act than they had before to bolster the level of the roster.
There's also a chance that most of the top in-house free agents for the Colts can be re-signed. Or, if it works on the books, all of them.
It will be interesting to see how the Indianapolis front office works with the new salary cap and if they can help Anthony Richardson and coach Shane Steichen get more talent on the field.
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