- Higher media revenues and loan payments were cited for the big increase
- Fans on social media were quick to credit Taylor Swift for this cap jump
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In a stunning announcement, the NFL has unveiled a salary cap for the 2024 season of $255.4 million – an increase of $30.6 million from the cap set a year earlier.
The league cited two reasons for such a large increase. First, teams fully repaid the loans they took out to ensure players received full salaries during the pandemic-affected 2020 season.
Second, the NFL pointed to “an extraordinary increase in media revenue for the 2024 season” as another reason for the jump.
Since the start of the decade, the NFL’s salary cap has increased by $57.2 million, despite a global pandemic that has led to a decline of approximately $16 million in 2021.
Compared to 2014, the 2024 budget is $122.4 million larger and the 2004 cap was about $174.8 million less than next season.
The NFL has announced a $30 million salary increase for the 2024 season – to $255.4 million
One reason for the increase was a jump in media revenue, for which some are thanking Taylor Swift
Fans all over Twitter celebrated the jump and seemed to give Swift most of the credit for it
While the league did not cite a specific reason for the increased media revenue, many fans concluded that the incessant coverage of Taylor Swift and her relationship with Kansas City Chiefs tight end Travis Kelce was to blame.
Many fans posted on Swift or decided to pin the raise almost exclusively on her.
An excited fan from Houston wrote, “TAYLOR SWIFT MADE THE TEXANS SUPERBOWL CONTENDERS.”
NFL Free Agency begins on March 13 at 4:00 PM Eastern Time. Teams may begin negotiating with free agents beginning March 11 at noon.
Notable free agents in this year’s class include Chiefs pass rusher Chris Jones, Vikings quarterback Kirk Cousins and Bengals wide receiver Tee Higgins.