2016 NFL Free Agents Set All-Time Record for Guaranteed Money: Details, Reaction

With increased revenue and a higher salary cap, NFL free agents are earning more money than ever before. 

According to a release by the NFL Players' Association, teams have spent a record $1,026,095,000 on 338 signings to this point. The players signed include 236 unrestricted free agents, 20 restricted free agents and 82 considered to be "other" free agents. 

The NFL's salary cap has been increasing exponentially the last four years as television money continues to grow. The league is projected to earn $13.3 billion in 2016 revenue, with the salary cap this year hitting a new record of $155.27 million, according to NFL Insider Ian Rapoport (h/t Austin Knoblauch of NFL.com). 

It also helps that teams had a lot of available money to spend. Per NFL.com's Conor Orr, before free agency started, five teams had at least $49 million in cap space with the Jacksonville Jaguars and Oakland Raiders having more than $74 million in available space. 

Omar Kelly of the South Florida Sun-Sentinel noted that 2016 was a great year to be a free agent:

The $1.026 billion represents an increase of 14.1% from last year's spending. It's not specified in the release if the total includes players who were given the franchise tender, like Denver Broncos' Von Miller and Carolina Panthers' Josh Norman. 

In terms of contracts handed out, defensive end Olivier Vernon and defensive tackle Malik Jackson received the most guaranteed money. Vernon got $52.5 million guaranteed from the New York Giants as part of his five-year, $85 million deal. Jackson will make $42 million guaranteed from the Jaguars. 

Being that there was huge sums of money spent this offseason, it's slightly surprising how weak the quarterback class was considered to be. Quarterbacks tend to skew things financially because teams will always pay anyone who looks competent under center. 

Brock Osweiler got the biggest deal for a free-agent quarterback, receiving $37 million guaranteed from the Houston Texans after making a total of seven starts in four seasons. Career backup Chase Daniel got $12 million guaranteed from the Philadelphia Eagles. 

As NFL revenues continue to grow, so will the salary cap. This new spending record isn't going to last very long, as teams are able to be more free spirited when it comes to opening up their wallets to build a championship roster.