NFL Salary Cap Explodes

The NFL announced the salary cap for the 2024 season. It’s safe to say that the league has recovered from the difficult pandemic years. It’s safe to say that things are going well for the NFL. The salary cap for 2024 will be $255.4 million, up from $224.8 million in 2023. The $30.6 million explosion is the largest year-to-year increase in free agency history. It nearly doubles the $16.6 million cap increase the league saw from 2005 to 2006. 

From 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 clubs and deferred by the players during the COVID pandemic as well as an extraordinary increase in media revenue for the 2024 season.

Times are good for the league. 

What does the league’s terrific financial news mean for the Minnesota Vikings? Well, most salary cap projections had the Vikings entering the offseason with nearly $30 million in salary cap space. That was based on a modest salary cap projection of about $245 million. It’s as if the Vikings gained an extra $10 million with this news. According to the handy website Over the Cap, the Vikings now have around $37.8 million in cap space. Any extra cap room will help with the offseason business in front of them.

-sign all-everything receiver Justin Jefferson to a giant deal

-re-sign quarterback Kirk Cousins

-re-sign edge Danielle Hunter

All three players are critical for immediate on-field success. Jefferson is critical to on-field success into the next decade. Jefferson is currently scheduled to play the 2024 season on his fifth-year option of $19.7 million. Despite becoming free agents in a couple weeks, Cousins and Hunter are already set to carry cap hits of $28.5 million and $14.9 million. Well-structured deals for Jefferson, Cousins, and Hunter could actually increase salary cap space for 2024. At 35, safety Harrison Smith has a career decision to make. The hope here is that he returns for a 13th season. If he does, it’s likely at a reduced number from his current $19.2 million cap hit. With all of that, the Vikings could conceivably have over $50 million in cap space with Jefferson locked up long term and Cousins and Hunter signed for the next 2-3 years. 

$50 million in cap space! The Vikings have wriggled their way out of the sketchy cap situation of only two years ago.

Now what? Well, this free agency haul would be pretty dreamy.

Christian Wilkins, DT

Bryce Huff, Edge

Josh Uche, Edge

Sean Murphy-Bunting, CB

Michael Onwenu, G

D’Andre Swift, RB

Or something like that. There’s still a few more weeks of dreaming. For now, the Minnesota Vikings have the financial means of getting some good work done before the draft.