Jerod Mayo Says Patriots Are 'Ready to Burn Some Cash' in 2024 NFL Free Agency

It looks like the New England Patriots are prepared to be big spenders during the upcoming offseason.

In an appearance on WEEI's The Greg Hill Show, Mayo revealed that the Patriots are looking to fully embrace the available cap space to improve the talent on the team for the 2024 season.

"We're bringing in talent, 1,000 percent," Mayo said. "We have a lot of cap space and cash. We are ready to burn some cash."

The Patriots are projected to have in excess of $70 million in cap space for the 2024 offseason, per Spotrac. This is set to be the fourth highest in the NFL, and New England will also have the opportunity to draft a high-level player with the No. 3 overall pick at the 2024 NFL Draft.

Of course, the team earned this selection after a difficult 4-13 season that sped up the transition to Mayo from long-time head coach Bill Belichick. The Patriots also have numerous holes to fill, mainly on offense.

New England has needs at offensive line, wide receiver and quarterback. Mac Jones and Bailey Zappe were under center in 2023, leading the team to the 30th-ranked offense in the NFL.

The Patriots will have an opportunity to draft a highly-touted quarterback, wide receiver or lineman with that No. 3 pick and the where the team chooses to delegate the available cap space could certainly help decipher what New England intends to do with the pick.