2024 NFL Cap Space, By Team
The NFL provided clarity to its teams on Friday by setting the salary cap ceiling ($255.4MM). Franchise tag figures have been locked in as well, and clubs can now proceed with their offseason planning knowing exactly where they stand with respect to financial flexibility. Courtesy of Over the Cap, here is the current landscape in terms of salary cap space:
- Washington Commanders: $79.61MM
- Tennessee Titans: $78.66MM
- Chicago Bears: $78.34MM
- New England Patriots: $77.96MM
- Indianapolis Colts: $72.34MM
- Houston Texans: $67.58MM
- Detroit Lions: $57.61MM
- Arizona Cardinals: $51.1MM
- Cincinnati Bengals: $50.67MM
- Tampa Bay Buccaneers: $43.68MM
- Los Angles Rams: $43.11MM
- Las Vegas Raiders: $42.94MM
- Minnesota Vikings: $35.81MM
- Carolina Panthers: $34.57MM
- Atlanta Falcons: $33MM
- New York Giants: $30.8MM
- Philadelphia Eagles: $27.35MM
- Jacksonville Jaguars: $24.68MM
- Kansas City Chiefs: $18.19MM
- Baltimore Ravens: $16.63MM
- Seattle Seahawks: $12.97MM
- New York Jets: $12.76MM
- Pittsburgh Steelers: $9MM
- Green Bay Packers: $2.3MM
- San Francisco 49ers: $5.07MM over the cap
- Cleveland Browns: $7.76MM over
- Dallas Cowboys: $9.86MM over
- Denver Broncos: $16.81MM over
- Los Angeles Chargers: $25.61MM over
- Miami Dolphins: $27.92MM over
- New Orleans Saints: $42.11MM over
- Buffalo Bills: $43.82MM over
All teams must be cap compliant by the start of the new league year, but it will of course be more than just those currently over the limit which will make cost-shedding moves in the near future. Cuts, restructures and extensions are available as tools to carve out space in advance of free agency. Several have already taken place around the league.
That includes the Dolphins’ release of defensive end Emmanuel Ogbah and the planned cut of Xavien Howard. The latter cannot be designated a post-June 1 release until free agency begins but once it happens, Miami will move much closer to cap compliance. The Saints have moved considerable commitments into the future via restructures (as usual), but more transactions on that front will be required even with the cap seeing an historic single-season jump.
The roughly $30MM spike from 2023 will provide unforeseen spending power for teams already set to lead the pack in cap space while also making the task of those at the bottom of the list easier. Spending more on backloaded contracts this offseason at the expense of future space obviously carries risk, however. Still, the news of a higher-than-expected ceiling will add further intrigue to each team’s financial planning.
With Dak Prescott and Deshaun Watson each set to carry record-breaking cap hits for 2024, the Cowboys and Browns will be among the teams most in need of working out a deal to lower those figures. In Dallas’ case in particular, an extension would provide immediate breathing room in addition to clarity on his future beyond the coming season. For Cleveland, Watson’s fully-guaranteed deal has already been restructured once and will need to be again to avoid consecutive years of a $64MM cap charge over its remaining term.
If the Commanders and Patriots add a quarterback with the second and third picks in this year’s draft, each team currently in the top six in space will enjoy the benefits of having a signal-caller on their rookie contracts. That would allow for an aggressive approach to free agency, although the Chiefs’ success after Patrick Mahomes signed (and re-worked) his monster extension has proven it is possible to win Super Bowl titles with a substantial QB investment on the books.
READ MORE:
Tee Higgins’ Path to Becoming a Tennessee Titan Becomes Harder With Bengals Franchise Tag
NASHVILLE — The Cincinnati Bengals have reportedly decided on Friday to franchise tag Tee Higgins, which makes it more difficult for him to reunite with Tennessee Titans coach Brian Callahan. If the Bengals and the 25-year-old Oak Ridge, TN native fail to agree on a long-term contract by March 5, the player is expected to receive $21.8 million for the 2024 season. Higgins is one of the top wide receivers on several free agency rankings due to his impressive performance in the four seasons he played with the Bengals with Callahan as offensive coordinator. The move would keep Higgins off the open market when free agency officially begins at the start of the new league year on March 13. Higgins stated he was open to playing for the Titans with Callahan during Super Bowl week.
It would be good,” Higgins said on The Sick Podcast on radio row at the Super Bowl. “Going back home to family and then being able to play for a coach I’ve already been under. It would be ideal.” Let’s consider a scenario where Higgins receives a non-exclusive offer, enabling him to negotiate with other teams while allowing the Bengals to match any offer he receives. If Higgins signs an offer sheet with another team and the Bengals refuse to match it, they would be entitled to receive two first-round picks from the team that signs him. Higgins for two first-round picks is a lot to ask, considering the Titans are rebuilding with a new coaching staff and general manager Ran Carthon in his second season.
It is possible that Carthon could pursue a trade to obtain Higgins, but the Bengals may not be motivated to let him go as they have the option to franchise him this season and the next. For Carthon to have a chance to acquire Higgins through a trade, he would have to make a very appealing offer that the Bengals would consider. The Bengals’ decision to tag Higgins has significantly affected his chances of becoming a Titan. While anything is possible, the odds aren’t in his favor now.
