The NFL’s revelation of the 2024 salary ceiling gave the Ravens more spending flexibility on Friday afternoon.
The salary cap set by the NFL is $255.4 million, a substantial increase over projections. The $30.6 million rise over the cap from the previous year is extraordinary.
The league said that it was the “result of the full repayment of all amounts advanced by the clubs and deferred by the players during the COVID pandemic as well as an extraordinary increase in media revenue for the 2024 season.”
The 2024 NFL salary ceiling has been set at $255.4 million per team (an extraordinary increase of $30 million per club). In addition, each club will receive a payment of $74 million for player benefits, which includes performance-based pay and benefits for retired players. Rewinding the moment: pic.twitter.com/2Qmsoc7I4z
@NFLprguy, Brian McCarthy, February 23, 2024
Whatever the origin of the situation, the Ravens should be pleased about it given how close to the salary cap they are and how many difficult (and maybe costly) decisions they still have to make.
According to Brian McFarland of Russell Street Report, the Ravens now have roughly $12 million available when they begin free agency.
That will undoubtedly alter when the Ravens make further signings, subtractions, and contract modifications prior to the start of free agency. The most important one is whether they sign defensive lineman Justin Madubuike to a franchise tag, which would officially cost $22.1 million. The cost to use it on linebacker Patrick Queen would be $24 million. The Ravens will find it easier to use the franchise tag and need to cut or restructure fewer players as a result of the larger cap.
The increased wage cap may also give Baltimore greater leeway to sign outside free agents, even in the event that Madubuike or Queen are unable to agree to a long-term contract before March 13 when free agency begins.
Here are the 2021 first-round picks’ fifth-year option figures; they include, among others, Trevor Lawrence, Ja’Marr Chase, Jaylen Waddle, Penei Sewell, Pat Surtain II, DeVonta Smith, Justin Fields, and Micah Parsons.
However, other teams may have to make similar cuts to stay under the salary limit, just as the Ravens may need to. This may mean that Baltimore will have less opportunities to sign post-cut free agents, on which the Ravens have successfully capitalized in the past.
The cost of placing fifth-year tenders on first-round selections from the 2021 draft class was also disclosed by the league. According to Spotrac, outside linebacker Odafe Oweh would cost $13.25 million and wide receiver Rashod Bateman would cost $14.4 million in 2025.
