Agent’s Analysis: Anticipated Effects of the Surprising 2024 NFL Salary Cap Increase
NFL teams and players received unexpected good news with the announcement that the 2024 salary cap will be $255.4 million, higher than initial projections. The increase is due to full repayment of Covid-related advances and a rise in media revenue. This affects players like Dak Prescott, who is in contract negotiations with the Cowboys. The increase in salary cap also impacts teams like the Chiefs, who are working to re-sign players like Chris Jones. The higher salary cap may lead to increased competition in free agency and a rise in franchise tag costs. Teams and players will need to adjust their strategies accordingly.
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