What Increased Salary Cap Means for Lions
The Detroit Lions will have the means to make a splash in free agency this offseason.
On Friday, the NFL officially announced the salary cap threshold for the 2024 campaign. The bar was set at $255.4 million, an increase of $30 million from the 2023 season.
As a result, the Lions are currently expected to have around $57 million in cap space, according to updated projections from OverTheCap.com. This will equate to just under $50 million in effective cap space, which is the amount general manager Brad Holmes will have at his disposal.
These numbers are slightly adjusted from OverTheCap's initial projections, which had originally placed Detroit with $63 million in cap space and $55 million in effective cap.
The Lions currently rank eighth in the league in cap space, and they have $177,167,136 already committed to players in 2024. As it stands, the organization has 45 players on its roster.
With the increased salary cap, the Lions have plenty of money to spend in free agency. However, Holmes hinted in his season-ending press conference that the organization would be committed to retaining its young talent.
Detroit has 19 unrestricted free agents set to hit the market in March currently, and it's already agreed to a one-year deal with kicker Michael Badgley. Several key players are among this currently unsigned group, including starting guards Jonah Jackson and Graham Glasgow.
With the offensive line being one of the team's biggest strengths, it's easy to see keeping this group together being a big priority for Holmes and company. However, the increase in cap allows the team to be more flexible.
One major element to consider is that the Lions have several young players who are extension-eligible beginning this offseason. Jared Goff, Amon-Ra St. Brown, Penei Sewell and Alim McNeill are among those who could warrant new deals, so the staff would be wise to budget for this.
In particular, Goff could command a hefty extension, as the quarterback who led the team to its appearance in the NFC Championship Game. Meanwhile, St. Brown and Sewell both earned All-Pro honors, and have established themselves as franchise cornerstones.
Holmes stated that his hope is for the team to draft, develop and retain its talented, young players. So, it would come as a bit of a surprise if the Lions were big spenders in free agency on external players.
However, the team does have pressing needs that would be addressed best by adding a proven free agent. Detroit entered the Super Bowl conversation with its playoff run, and now has a chance to contend in the coming years.
The team's priority in the immediate future will likely be allocating necessary funds to maintain its young core. However, there is a chance that the team could make a run at a high-priced acquisition.
The cap space doesn't just take effect in free agency, as the organization could also take on a contract in a trade. However, a long-term contract acquired in a deal would cut into the future availability of funds, as well.
With hefty contract extensions potentially on the horizon, the Lions will be faced with tough decisions about their future. However, they'll enter the 2024 offseason with the kind of financial flexibility that will help make those decisions easier.
