The NFL revealed this year’s salary cap amount on Friday, and it was a doozy.
The salary cap in 2024 will be $255.5 million. Last year, it was “only” $224.8 million. That means the Cardinals
should have almost $55 million in salary cap space right now, ranking ninth in the league, according to
overthecap.com.
Their “effective cap space” is approximately $44 million. (Effective cap space includes the rookie class as well as the
signing of 51 players, which was the cap number in the summer. The Cards presently have more than 60 players
under contract for next season.
It’s good to have extra space, but each team received the same benefit, so in many respects, it balances things out.
One significant advantage for the Cardinals, or any team with a costly veteran quarterback, is that it reduces the cap
burden. Kyler Murray’s contract number in 2024 is $51.4 million, a significant increase from $16 million last season
but already factored into the Cardinals’ current cap space.
(Note from overthecap.com: this season’s cap increase of $30.6 million nearly approaches the original salary cap of
$34.6 million in 1994. It’s been quite the 30 years!
According to the NFL, the massive spike resulted from the payback of money “advanced by the clubs and deferred by
the players” during the Covid epidemic. Money and cap space were set aside due to the financial constraints of the
2020 season. (The cap fell by $16 million in 2021 and has since gradually recovered.) The league also received a
significant boost in media money for 2024, which is distributed to the players via the cap.
What all of this means for the Cardinals’ immediate future is uncertain. GM Monti Ossenfort made it plain last week
that free agency was intended to “supplement” the roster, with the draft being the primary engine. The Cards already
have some room on the cap.
For his part, owner Michael Bidwill stated that Ossenfort will have the means to pursue his goals in free agency.
