The NFL announced on Friday that they are raising the 2024 salary cap to $255.4 million per club, up from $228.4 million in 2023.
In a press release, the league addressed the significant and unexpected climb.
“The unprecedented $30 million 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,” the statement read.
The league also said that, “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.”
The rise in cap space will bring the New York Giants’ available cap space to approximately $30.8 million come the league new year next month, per Over The Cap.
Other outlets have the Giants listed with as much as $32.9 million in cap space.
Whatever the actual number is, general manager Joe Schoen is in a much better position to do business than he was when the week started.
