NFL Announces Unprecedented Jump Related to 2024 Salary Cap
The 2024 NFL salary cap has been revealed, and it's an amount sure to make New York Giants general manager Joe Schoen very happy.
The NFL announced that the new league-wide total per team will be $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.
Teams can gain additional cap space by carrying over any leftover cap money from 2023.
The $30 million increase per club in this year’s Salary Cap results from the full repayment of all amounts advanced by the clubs and deferred by the players during the COVID pandemic and an extraordinary increase in media revenue for the 2024 season.
The cap jumped from $224.8 million last year to $255.4 million this year.
According to Over the Cap, the Giants have 51 players under contract before the start of the March 13 league year, in which the Top 51 rule goes into effect. The Giants now will have $22,999,424 of effective cap space (money that can be used to sign their draft class and any free agents under the Top 51 rule). They also have $30,801,691 total.
These figures are before any contracts are terminated (offensive lineman Mark Glowinski is projected to be a salary cap cut, which would yield a $5,682,353 savings) or restructured. The figures also consider the nearly $3 million in carryover funds the Giants had left over from the 2023 season.
The additional money gives Giants general manager Joe Schoen some breathing room in that he likely doesn't have to do any restructuring of player contracts, at least for the time being. Schoen can, at his discretion, do so as he needs the money, but the thought is he'll sit tight for the time being and, as the available effective cap space dwindles, then make a move.
The Giants, who have $17.542 million in dead money against their cap so far, will be looking to strike new deals with a handful of their pending UFAs, including running back Saquon Barkley and safety Xavier McKinney.
The extra space gained on the cap doesn't necessarily mean they will increase what they plan to offer. The Giants must also sign some veteran depth to fill in roster holes on the offensive line, edge rusher, backup quarterback, and cornerback, just to name a few.
