The NFL has announced that each team will operate under a salary cap of $255.4 million for the 2024 season, a remarkable increase of $30 million per club from the previous season (more than 13%). This is the largest increase in the league's history since the salary cap was introduced in 1994. Each NFL team will also receive an additional $74 million for player benefits, which covers various expenses such as performance-based pay and retired player benefits. The collective player expenditure for each club in the 2024 season will be $329.4 million, for a total of $10,540 million across the 32 NFL teams. 

The NFL salary cap has increased every year since 2011. The only exception was the pandemic era. For the 20/21 season, the amount decreased by $15.7 million from the previous season. The unprecedented growth in the salary cap for a single year, the NFL said, "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."

The increase in rights fee revenue was driven by new rights agreements as well as extended regular season schedules and playoff formats. 

The NFL is exceeding its salary cap expectations for 2024. Its projections per club were approximately $242 million, which means teams will now be able to spend $13 million more than the league calculated for this year.

Following the announcement of the salary cap increase, the top five teams with the most financial flexibility are the Washington Commanders at $87 million, the New England Patriots ($83 million), the Chicago Bears ($80 million), the Tennessee Titans ($78.6 million) and the Cincinnati Bengals ($72.8 million). NFL teams have until 13 March to adjust their rosters to the new salary cap.