NFL Teams' Updated Salary Cap for 2024 Ahead of Preseason Action

With the 2024 NFL preseason set to begin with Thursday's Hall of Fame Game, fans can largely turn the page on the offseason. The draft has long been over, and most of the top free agents have already found new homes.

Make no mistake, though, teams are not done adding talent. A few noteworthy players remain available on the open market, and many more will enter free agency as rosters are trimmed to 53 players on August 27.

Trade activity will also continue until the deadline on November 5.

Naturally, some teams are better positioned, financially,to make late moves than others. The New England Patriots, for example, sill have more than $40 million in cap space available. The Atlanta Falcons are on the opposite end of the spectrum with just $3.1 million in cap space.

Here's a look at where every team stands entering August, according to Spotrac:

1. New England Patriots: $40.4 Million

2. Washington Commanders: $36.2 Million

3. Las Vegas Raiders: $34 Million

4. Arizona Cardinals: $34 Million

5. Detroit Lions: $33.8 Million

6. San Francisco 49ers: $29.6 Million

7. Cleveland Browns: $27.9 Million

8. Jacksonville Jaguars: $26.5 Million

9. Indianapolis Colts: $24.9 Million

10. Philadelphia Eagles: $24.6 Million

11. Tennessee Titans: $22.9 Million

12. Miami Dolphins: $22.8 Million

13. Green Bay Packers: $21.7 Million

14. Cincinnati Bengals: $21.5 Million

15. Los Angeles Chargers: $20.4 Million

16. Minnesota Vikings: $17.9 Million

17. Houston Texans: $17.3 Million

18. Pittsburgh Steelers: $16 Million

19. Kansas City Chiefs: $14.1 Million

20. Los Angeles Rams: $12 Million

21. Dallas Cowboys: $11.8 Million

22. Chicago Bears: $11.5 Million

23. New York Giants: $10.8 Million

24. New Orleans Saints: $9.3 Million

25. Buffalo Bills: $8.5 Million

26. Seattle Seahawks: $7.8 Million

27. Tampa Bay Buccaneers: $7.6 MillionMore

28. Denver Broncos: $6.4 Million

29. Baltimore Ravens: $5.4 Million

30. New York Jets: $5.1 Million

31. Carolina Panthers: $4.7 Million

32. Atlanta Falcons: $3.1 Million

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The above figures are offseason numbers calculated with what's commonly known as the Top 51 Rule."

Between the start of the offseason and the start of the regular season, only the most expensive 51 contracts are actually counted against a team's salary cap. Teams can carry up to 90 players during the offseason, so quite a bit of salary can be carried while still staying within cap compliance.

The Minnesota Vikings, for example, rank in the middle with $17.9 million in cap space under the Top 51 Rule. If all contracts were counted, however, Minnesota would be $12.4 million over the cap.

It's an important distinction because some of these numbers will shift significantly when it's time to make final roster decisions. A team may have the space to add a player right now, but it will still have to factor in how an incoming contract will impact the final 53-player numbers.

There are still players worth adding too. Safety Justin Simmons, for example, is a two-time Pro Bowler who could bring a load of playmaking ability to a secondary. However, he may not wind up with the team that simply offers the most money.

"I've always said from the jump that I want to play for a contender, and I feel like I can be the missing piece for a lot of teams to get them over the hump," Simmons said in July, per Bradley King of ABC 7 Denver.

Other notable free agents include cornerback Stephon Gilmore, pass-rusher Yannick Ngakoue, offensive tackle David Bakhtiari and receiver Michael Thomas.

More players will hit the market during final roster cuts, and we're likely to see an increase in trade activity toward the end of the preseason. Some teams will look to trade players they plan to release anyway, while others will look to address needs that become obvious during training camp.

Additionally, we're likely to see quite a few extensions handed out between now and Week 1. Notable players like Dak Prescott, Brandon Aiyuk, CeeDee Lamb, Matthew Judon, Amari Cooper and Cameron Heyward are entering contract years and could see new deals before the end of the summer.