The NFL can’t exactly print money just yet, but at this rate they’ll get there eventually. The league just announced the salary cap ceiling for the 2024 season and it’s significantly higher than the original projections were.
According to Tom Pelissero at NFL Network, the cap has been set at $255.4 million this year.
The NFL announced today that the 2024 Salary Cap will be $255.4 million per club, with an additional $74 million per club payment for player benefits, which includes Performance Based Pay and benefits for retired players.
— Tom Pelissero (@TomPelissero) February 23, 2024
That’s $30 million more than last year and $13 million more than the Over the Cap projections.
So, what does it mean for the Seahawks?
Yesterday the team did a simple restructure of Geno Smith’s contract, converting a roster bonus that was due next month into a signing bonus. The move saved them $4.8 million in cap room for 2024. That pulled them about even with the old projected cap ceiling.
However, with the new cap ceiling number the Seahawks now have just under $13 million to spend. Their effective cap space, which includes the cost of their draft class is now roughly at $7.89 million.
With the 2024 salary cap now set, Seahawks have $12,969,647 in available cap space, according to https://t.co/KxgJRVhs20, and $7,896,500 in effective cap space, which accounts for draft picks. So, Seattle is more than cap complaint.
— Bob Condotta (@bcondotta) February 23, 2024
This means we should start to see some roster movement soon. Priority free agents for Seattle to re-sign include Leonard Williams, Bobby Wagner and Jordyn Brooks. Potential cap casualties include Jamal Adams, Quandre Diggs and Tyler Lockett.
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