2024 NFL Official League Financials

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

The NFL has now set its financial thresholds for the upcoming 2024 season, including a surprisingly high $255.4M league salary cap. We'll take a look at a few updated figures from the top down, including spending floor info, minimum salaries, the veteran minimum cap benefit, restricted free agent tenders, & official franchise & transition tag values.

NFL League Salary Cap

The 2024 salary cap rose to historic levels this season, both as an overall number of course and also in terms of the amount of increase over last season's figure. The $30.6M increase shattered the recent leader in the clubhouse (2022: $25.7M), due in large part to the fact that all of the "borrowed" money for COVID-strapped seasons have now been accounted for. Also, there seems to be a fairly strong level of general interest in the league...

Year Cap Maximum Cap $ +/- Cap % Change
2024 $255,400,000 $30,600,000 13.61%
2023 $224,800,000 $16,600,000 7.97%
2022 $208,200,000 $25,700,000 14.08%
2021 $182,500,000 $-15,700,000 -7.92%
2020 $198,200,000 $10,000,000 5.31%
2019 $188,200,000 $11,000,000 6.21%
2018 $177,200,000 $10,200,000 6.11%
2017 $167,000,000 $11,730,000 7.55%
2016 $155,270,000 $11,990,000 8.37%
2015 $143,280,000 $10,280,000 7.73%

Related: Full NFL Salary Cap Listing

NFL Spending Floor

While the NFL doesn't have an annual spending minimum, the latest CBA continued to institute a 3-year threshold requirement. NFL teams will need to cash spend 90% of the next 3 league salary cap maximums combined. For instance, if the 2024, 2025, & 2026 league salary caps come in at $255M, $265M, & $275M ($795M total), each team will be required to spend $715,500,000 minimum across that span.

2024 Minimum Salaries

NFL minimum salaries got their usual $45,000 raise this year.

YEARS OF SERVICE 2024
0 $795,000
1 $915,000
2 $985,000
3 $1,055,000
4 $1,125,000
5 $1,125,000
6 $1,125,000
7 $1,210,000
8 $1,210,000
9 $1,210,000
10+ $1,210,000

Veteran Minimum Benefit
Players with 4 or more credited seasons who sign a 1 year contract this offseason can qualify for a salary cap benefit. For instance, Player A has 5 years of service, and agrees to a minimum contract with a team this March. The player will sign a contract with a base salary of $1,125,000, however the salary cap charge will drop down to $985,000. Additionally, veteran minimum contracts can include up to $167,500 of bonus money (signing, roster, per game active, workout), and still qualify for the cap reduction. For example, Player A is given a $25,000 signing bonus and a $25,000 bonus if he makes the Week 1 roster in addition to his minimum salary. This represents a $1,175,000 total value contract in 2024. But for salary cap purposes, the charge is calculated as $985,000 + $25,000 + $25,000, or $1,035,000.

Related: Complete Minimum Salary Table

2024 Restricted Free Agent Tenders

Right of First Refusal: $2,985,000
The team will have a right to match any offer sheet, but there will be no draft compensation rewarded should the player sign an offer sheet and leave.

Original Round Tender: $3,116,000
The team will have a right to match any offer sheet, but will be rewarded a draft pick in the same round that the player was originally drafted should the player sign an offer sheet and leave.

2nd Round Tender: $4,890,000
The team will have a right to match any offer sheet, but will be rewarded a 2nd round pick should the player sign an offer sheet and leave.

1st Round Tender: $6,822,000
The team will have a right to match any offer sheet, but will be rewarded a 1st round pick should the player sign an offer sheet and leave.

Related: 2024 Restricted Free Agents

2024 Franchise & Transition Tag Values

Position Franchise
Tag		 Transition
Tag
Quarterback $38.3M $34.3M
Running Back $11.9M $9.7M
Wide Receiver $21.8M $19.7M
Tight End $12.6M $10.8M
Offensive Lineman $20.9M $19M
Defensive Tackle $22.1M $18.4M
Defensive End $21.3M $19M
Linebacker $24M $19.9M
Cornerback $19.8M $17.2M
Safety $17.1M $13.8M
Kicker/Punter $5.9M $5.4M

Related: NFL Franchise Tag Historicals


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