The NFL’s revelation of the 2024 salary ceiling gave the Ravens more spending flexibility on Friday afternoon.
The salary cap set by the NFL is $255.4 million, a substantial increase over projections. The $30.6 million rise over the cap from the previous year is extraordinary.
The league said that it was 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 NFL has decided to cap salaries for the 2024 season at $255.4 million per club, an unprecedented increase of $30 million per club. In addition, each club will receive a payment of $74 million for player perks, which will include performance-based compensation and bonuses.
Regardless of how it came about, it’s good news for the Ravens considering how tight they are against the salary cap with numerous (and potentially expensive) tough decisions to make.
Russell Street Report’s Brian McFarland now projects that the Ravens currently stand to open free agency with about $12 million.
That will undoubtedly alter when the Ravens make further signings, subtractions, and contract modifications prior to the start of free agency. The most important one is whether they sign defensive lineman Justin Madubuike to a franchise tag, which would officially cost $22.1 million. The cost to use it on linebacker Patrick Queen would be $24 million. The Ravens will find it easier to use the franchise tag and need to cut or restructure fewer players as a result of the larger cap.
The increased wage cap may also give Baltimore greater leeway to sign outside free agents, even in the event that Madubuike or Queen are unable to agree to a long-term contract before March 13 when free agency begins.
