Business is certainly booming in the NFL. While the number isn't expected to be announced until next year, the league's 2024 salary cap is expected to be north of $240 million per team, according to NFL Media. The league's salary cap is currently set at $224.8 million.
The league's year-to-year salary cap has mostly increased since being implemented in 1994, when the cap was $34.6 million. An exception to that was in 2021, when the cap went from $198.2 to $182.5 million as a result of the pandemic.
The salary cap exceeded $200 million for the first time in 2022, when it reached $208.2 million.
The lessening impacts of the pandemic and the increased popularity of the NFL are among the reasons for the expected cap spike. NFL rantings continue to soar, while the league also continues to enjoy prosperous advertising deals.
The increased cap will likely lead to bigger paydays for the league's top players. That may very well lead to an historic deal for Cowboys quarterback Dak Prescott, who is expected to receive another extension after the 2023 season. Chiefs quarterback Patrick Mahomes, who signed a massive extension back in 2020, is also slated to receive a second contract readjustment sometime in the near future.