By EFE
Feb 24, 2024, 1:13 PM EST
The NFL announced this Friday that the salary cap for each of its 32 teams in the 2024 season will be $255.4 million.a record figure that exceeds by 30 million that established the previous campaign.
This increase is the highest since the ‘Salary Cap’, which translates into Spanish as the salary cap, was established in the league in 1994. This financial concept was established in search of equality and balance among the 32 NFL teams.
Before the introduction of this concept, the owner of a franchise with more economic resources could spend without restrictions to hire the figures he wanted; today, Thanks to the ‘Salary Cap’ no team can spend more than the amount set as a cap each year and star attraction is controlled by this budget.
The figure of 255.4 million dollars for the 2024 season is the result of the total reimbursement of the amounts advanced by teams and postponed by players during the COVID-19 pandemic, as well as a significant increase in income that the league has obtained from broadcast rights with various media outlets.
More about the largest jump the NFL’s salary cap has taken from one year to the next since it was introduced in 1994, which could have a significant impact on the free-agent market set to open next month, via @DanGrazianoESPN:https:// t.co/XvMOjA73J6
— Adam Schefter (@AdamSchefter) February 24, 2024
An additional payment of $74 million per team will be added to these $255.4 million dollars for player benefits, including performance-based pay and supports for retired players.
Total costs will be $329.4 million dollars per franchise, which gives a total of $10.54 billion dollars between the 32 NFL teams.
After this increase in the salary cap was announced, the five teams with the most room to manage are the Washington Commanders, with $87 million dollars; New England Patriots, $83 million; Chicago Bears $80 million; Tennessee Titans, $78.6; and Cincinnati Bengals, $72.8.
Prior to the 2023 season, the salary cap was set at $224.8 million.
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