NFL Teams' Updated Salary Cap Space for 2024 Free Agency After Record $255.4M Number

NFL teams facing a cap crunch going into the offseason got good news on Friday when the official salary cap figure was released, and it was much higher than expected.

Per CBS Sports' Jonathan Jones, the 2024 cap is set at $255.4 million, an increase of $30.6 million from this past season ($224.8 million).

Here's where all 32 teams stand in terms of cap space heading into free agency and draft season with the official number locked in.

1. Washington Commanders: $87.05 million
2. New England Patriots: $82.9 million
3. Chicago Bears: $80.4 million
4. Tennessee Titans: $78.6 million
5. Cincinnati Bengals: $72.8 million
6. Indianapolis Colts: $72.3 million
7. Houston Texans: $67.6 million
8. Detroit Lions: $63.7 million
9. Arizona Cardinals: $55.1 million
10. Las Vegas Raiders: $48.7 million
11. Los Angeles Rams: $45.99 million
12. Tampa Bay Buccaneers: $45.5 million
13. Carolina Panthers: $40.2 million
14. Atlanta Falcons: $38.5 million
15. Minnesota Vikings: $37.9 million
16. New York Giants: $32.9 million
17. Philadelphia Eagles: $32.2 million
18. Kansas City Chiefs: $27.7 million
19. Jacksonville Jaguars: $24.7 million
20. Baltimore Ravens: $18.5 million
21. New York Jets: $15.1 million
22. Seattle Seahawks: $12.97 million
23. Green Bay Packers: $8.2 million
24. Pittsburgh Steelers: $7.4 million
25. San Francisco 49ers: $834,165
26. Cleveland Browns: ($6.2 million)
27. Dallas Cowboys: ($8.2 million)
28. Denver Broncos: ($10.7 million)
29. Los Angeles Chargers: ($22.1 million)
30. Miami Dolphins: ($38.5 million)
31. New Orleans Saints: ($40.1 million)
32. Buffalo Bills: ($41.7 million)

Cap numbers via OverTheCap.com. Bolded cap figures denote teams that are over the cap.

It's probably not a coincidence that the teams with the top three picks in the 2024 NFL draft also have the most cap space.

In the case of the Chicago Bears, they might have preferred not to be in this situation with the cap because Justin Fields would have played so well over to start his career that he would have already signed a long-term contract extension.

Instead, the Bears will likely use the No. 1 pick they acquired from the Carolina Panthers to add a quarterback. They're also going to have a lot of money available to add talent around that position, as will the Washington Commanders and New England Patriots.

The cap spike resulted in three teams that were originally projected to be over the cap avoiding falling into the red.

There is still work for a team like the San Francisco 49ers, who have less than $1 million available, to do to make potential additions to their roster.

This is especially good news for teams that might be considering using the franchise tag on one of their pending free agents. The Jacksonville Jaguars have almost $25 million available, with Josh Allen looking for a big payday after recording a career-high 17.5 sacks in 2023.

General manager Trent Baalke has said in no uncertain terms that Allen is "going to be a Jaguar next year." The 26-year-old is listed as an outside linebacker, which does hurt Jacksonville slightly if it has to use the tag.

The franchise tag value for linebackers is just over $24 million, compared to $21.3 million for defensive ends.

Perhaps the most surprising part of the updated cap situation for all 32 teams is the New Orleans Saints aren't at the bottom. Granted, it's because they got an early start on their annual restructure project by adjusting Derek Carr's deal early Friday morning before the cap was set.

The Buffalo Bills find themselves with the most work to do this offseason. The reigning AFC East champs are an NFL-high $41.7 million over the cap. There are several contracts they could restructure to save up to $57.5 million, though some of those moves would require pushing money into the future for players with an uncertain future in Buffalo.

Is it smart business to save up to $12 million on Von Miller's deal this year when he didn't play more than 50 percent of the defensive snaps in a game all season and was held without a sack in the 12 games he did play?

Head coach Sean McDermott seemed to indicate earlier this month that both Miller and Stefon Diggs are in the team's plan for next season.

The list of free agents will almost certainly grow over the next few weeks as teams make tough decisions about who to keep based on their cap situation.

Teams can officially start to sign free agents on March 13 at 4 p.m. ET. The moratorium period when clubs are allowed to negotiate with players/agents opens on March 11 at 12 p.m. ET.