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TAMPA, Fla. (WFLA) -- The NFL announced the 2024 Salary Cap would be set at $255.4 million per team, marking a staggering $30+ million increase over the 2023 Salary Cap.
"The unprecedented $30 million increase per club in this year’s Salary Cap is 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 league said in a statement Friday.
An increased salary cap means teams like the Buccaneers have increased flexibility when it comes to retaining their top players, something many thought may be a challenge for the Bucs in 2024.
With big-name free agents like Mike Evans, Baker Mayfield, and All-Pro Antoine Winfield Jr. set to hit the market in March, some wondered if Tampa could match offers their star players would likely receive on the open market while also working to extend All-Pro Tackle Tristan Wirf, who is on his 5th year of his rookie deal.
Now, with an extra $30 million to spread around, the Bucs have a better chance to retain their top talent as they work to build on a 2023 season where they overachieved in the eyes of many.
A big part of that success came from the play of quarterback Baker Mayfield, who told reporters at the 2023 Pro Bowl Games that he was excited for the chance to reunite with new Bucs offensive coordinator Liam Coen, who he worked with in Los Angeles, and to have the opportunity to continue playing with Evans.
"Baker is an igniter, and that’s the type of guy you want to be around,” said Coen.
The Bucs should have around $40 million in cap space with the new salary cap, based on overthecap.com. The site has Tampa Bay at $45 million but has yet to account for incentives and payouts to Mayfield or center Robert Hainsey.
They could create more space by releasing some aging veterans such as linebacker Shaq Barrett or receiver Russell Gage, who has been plagued by injuries since joining the team in 2022.
Ultimately, if Tampa Bay wants to bring back its biggest stars for a run in 2024, they may need some players to take deals under their market value.
Will players like Mayfield and Evans take less money to try and finish their careers in Tampa Bay? That answer will come into focus as the free agency period plays out next month, but the team has a much better chance with extra money to spend.