Financially Detailing the NFL Final Four

Michael Ginnitti
Michael Ginnitti, Managing Editor & NFL/MLB ExpertJanuary 23, 2024
© USA TODAY Sports

The 2023 NFL season is down to it's Final Four, with the #1 Baltimore Ravens, #3 Detroit Lions, #3 Kansas City Chiefs, & #1 San Francisco 49ers set to face off in this upcoming weekend's Conference Championships. We'll take a look back at the 2023 financials that helped bring them here, including offseason spending, notable draft picks, positional spending, & 2024 outlooks.

A Few Notable Notes

Baltimore Ravens

The Ravens held the #2 overall cash payroll in 2023, thanks largely to QB Lamar Jackson’s historic $80M payout this past season. As per usual, the Ravens were near the bottom of the league in terms of free agent spending ($41.5M), bringing in a dozen or so veteran minimum contracts, and a sizable 1 year deal for WR Odell Beckham, Jr. Extensions for Jackson ($260M),  & DT Broderick Washington ($15.75M) drove much of the offseason, while a $14M rookie contract for WR Zay Flowers appears to be one of the best values in all of football out of the gate.

2023 Positional Cash Spending

QB RB WR TE OL DL LB DB S/T TOTAL
$84M $10.4M $34.4M $9.5M $33.7M $19.6M $42.1M $41M $9.7M $284M
1st 14th 8th 18th 25th 29th 6th 9th 4th 1st

Eyeing a 2024 Pay Day

DT Justin Madubuike posted a career year (by a mile), finishing 2023 with 13 sacks, 56 tackles & 2 forced fumbles. He projects to a 4 year, $82M contract this March.

LB Patrick Queen excelled next to Roquan Smith, putting himself in line to make a financial splash this March. Tremaine Edmunds’ 4 year, $72M deal in Chicago stands as Queen’s floor.

WR Odell Beckham, Jr. didn’t put together a season of statistics worthy of much attention, but his ability to rise up in big situations may be the single most important difference between Ravens old and Ravens present. Tacking on another year to this contract (around $12M) to keep the current deal from voiding makes sense here.

2024 Cap Outlook

The Ravens are currently operating with an estimated $5.6M of Top 51 cap space in 2024, with only 38 players under contract. Cap conversions for Lamar Jackson, Mark Andrews, & Ronnie Stanley (to name a few) can open up another $29M more.

Related: Ravens Offseason Analysis

Detroit Lions

The Lions have officially arrived, bringing a mix of Dan Campbell’s grit & toughness with flashes of offensive explosiveness. This is a well built roster, boasting young, inexpensive talent on both sides of the ball. Detroit handed out $67M of guaranteed in free agency this past offseason, adding the likes of CB Cameron Sutton, LB Alex Anzalone, S Chauncey Gardner-Johnson, & RB David Montgomery. From a total cash standpoint, the Lions ranked 27th in the league, paying out over $213M in 2023. For the most part though, this season was about the immediate impact of their recent draft - including RB Jahmyr Gibbs, TE Sam LaPorta, & S Brian Branch, all of whom appear to be long-term starters on this roster.

2023 Positional Cash Spending

QB RB WR TE OL DL LB DB S/T TOTAL
$32M $18.5M $12.2M $7.4M $41.1M $15.2M $23.4M $44.5M $4.7M $198.7M
13th 4th 28th 24th 16th 30th 18th 6th 21st 27th

Eyeing a 2024 Pay Day

WR Amon-Ra St. Brown is entering a contract year in 2024, coming off a 119 catch, 1,515 yard, 10 TD season in Detroit. He projects toward a 4 year, $108M extension in our system.

QB Jared Goff is entering a contract year in 2024, set to earn $26.6M against a $31.6M cap hit. Goff posted an outstanding 2023, finishing the season with 4,575 yards, & 30 TDs while completing over 67% of his passes. He projects toward a 4 year, $150M extension in our system (but $180M seems a more logical floor here).

After 8 seasons in Detroit, LT Taylor Decker finally gets a taste of winning. He enters a contract year in 2024, set to earn $13.7M against a $19.1M cap hit. He projects toward a 4 year, $60M extension in our system.

2024 Cap Outlook

The Lions enter 2024 with around $61M of Top 51 cap space, but with only 31 players currently under contract. It’ll be an offseason full of internal extensions, & free agent signings as this Detroit franchise continues to build up a more long-term window of contention.

Related: Lions Offseason Analysis

Kansas City Chiefs

Betting against Patrick Mahomes in January is not a recommended strategy, as the 28-year-old reminded us over the past two weeks. At $236M, KC held the 21st highest cash payroll in 2023, benefiting from a cheaper arsenal of weapons, and a few notable defensive players still on rookie contracts this past season. A huge portion of their offseason money was allocated to RT Jawaan Taylor ($60M guaranteed), & DE Charles Omenihu ($8.6M guaranteed), while the quick development of 2nd round pick WR Rashee Rice certainly factored in down the stretch.

2023 Positional Cash Spending

QB RB WR TE OL DL LB DB S/T TOTAL
$60M $4.4M $18.8M $15.2M $48.2M $46.3M $8M $22.3M $7.5M $231M
2nd 28th 20th 11th 11th 12th 31st 5th 8th 16th

Eyeing a 2024 Pay Day

After an unsuccessful holdout, DT Chris Jones’ contract will once again come into focus this winter. Will the two sides come to a compromising multi-year agreement this time around? Jones’ projects toward a 3 year, $85M contract in our system.

CB L'Jarius Sneed remains one of the best kept secrets in all of football, making big plays in big moments every single week. He’s the #2 CB in KC behind Trent McDuffie, but will certainly be seeking near CB1 money on the open market this winter. He projects toward a 4 year, $64M contract in our system.

S Justin Reid isn’t the most decorated DB in the league, but he’s solidified a good, young secondary in KC for two seasons. Tacking on 3 new years to his 2024 season at around $9M-$10M per year makes sense.

2024 Cap Outlook

KC rolls into the offseason with around $27M of Top 51 cap space under their belt, with only 41 players currently under contract. Cap conversions on Patrick Mahomes, Joe Thuney, & Jawaan Taylor can open up over $54M more.

Related: Chiefs Offseason Analysis

San Francisco 49ers

If you can find a 7th round starting QB who costs you $2.6M over a 3-year span, I highly recommend it. The Niners get (at least) 1 more season of ultimate value out of Brock Purdy, who used some of that extra dough to bring in Javon Hargrave ($40M guaranteed), & extend Nick Bosa ($122.5M guaranteed). San Francisco held the 6th highest cash payroll in the league this past season, paying out over $266M in total. Unlike in 2023, the 49ers currently hold all of their Top 100 draft picks, hoping to find their next wave of financial value as they continue their window of NFC contention.

2023 Positional Cash Spending

QB RB WR TE OL DL LB DB S/T TOTAL
$8M $19.1M $17.8M $17.1M $35.9 $98.5 $26M $28.7 $4.4M $255M
29th 3rd 24th 6th 23rd 1st 17th 24th 23rd 5th

Eyeing a 2024 Pay Day

Heading toward a fully guaranteed $14.1M 5th-year-option season, WR Brandon Aiyuk remains the 4th option in this Niners offense, but he’s excelled in this offense over the past two seasons. Can San Francisco justify another $20M+ weapon on this team? Aiyuk projects toward a 4 year, $92M extension in our system.

CB Charvarius Ward has more than outplayed the $27.5M earned over the past two seasons. With a cap hit that spikes to near $18M next year, tacking on additional years to lower the 2024 figure makes sense for all parties here. Ward projects toward a 4 year, $50M extension in our system.

OL Jon Feliciano is more of a part-time role player at this stage of his career, but his presence in depth & starting spots has dramatically improved the consistency of San Fran’s OL this past season. Bringing him back on a slightly north of minimum deal (1 year, $4M?) should be attractive for all here.

2024 Cap Outlook

The Niners will hit the offseason with almost no cap space to operate with initially, but they have plenty of avenues to generate room as needed. Cap conversions for core players McCaffrey, Juszczyk, Samuel, Kittle, Williams, Armstread, Hargrave, & Warner can open up over $87M of cap space this coming March.

Related: 49ers Offseason Analysis


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