NFL Rumors: 2024 Salary Cap Likely to Be Record-High $240M+ as 'Business Is Booming'

The NFL is reportedly set for another massive salary cap increase.

Tom Pelissero and Ian Rapoport of NFL Network reported the NFL is currently projecting the 2024 salary cap at more than $240 million—an increase of more than $15 million from the current $224.8 million mark.

"Business is booming, and everyone is finally out of the COVID debt," one source told Pelissero and Rapoport.

ESPN's Adam Schefter reported the NFL is unlikely to share cap details with teams until January as the league and NFLPA hammer out "open matters." This is a deviation from previous years, with the league typically offering a firm projection at the winter meeting in December.

Ten teams are currently slated to be above the $240 million mark, with the New Orleans Saints coming in at a whopping $333.1 million in cap obligations. Teams tend to skirt under the cap with contract restructures that artificially deflate player contract values, but it's still jarring to see nearly one-third of the league over the cap as it continues to astronomically rise.

Should the $240 million figure hold, the cap will have risen nearly $32 million in the last two years. Once 2024 hits, the cap will have gone up more than $100 million in the last decade—and that's even with accounting for COVID-impacted seasons.

The NFL approached $20 billion in revenue during the 2022 season and has shown no signs of slowing down.