Tennessee Titans general manager Ran Carthon received some good news Friday: He now has more money to spend on free agents.
The NFL announced on Friday that each club’s salary cap for the 2024 season has increased by more than $30 million, to $255.4 million. As a result, OverTheCap.com estimates that the Titans will have $72,534,425 in effective cap space.
With critical needs on the offensive line, in the defensive backfield, and at wide receiver, the Titans have the opportunity to accelerate their rebuilding process on March 13, when NFL teams can sign free agents.
The NFL has issued a statement explaining the salary cap increase.
“The NFL announced today that the salary cap for 2024 will be $255.4 million per club, with an additional $74 million per club payment for player benefits, which include Performance-Based Pay and retiree benefits. Total 2024 player costs will be $329.4 million per club, or more than $10.5 billion across the league.
“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.”
After signing at least 51 players, including their rookie class, a team’s effective cap space is calculated by subtracting their total salary cap number from the league’s overall cap limit.
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