How the NFL’s unprecedented salary cap increase affects the Patriots
The Patriots can possibly have over $100 million in cap space this offseason.
The Patriots, and everyone else in the NFL for that matter, received some pretty good news Friday.
The NFL’s salary cap will be $255.4 million for the 2024 season, a little more than a $30 million increase from last year and over $10 million higher than previous estimates. The major jump in the salary cap was due to “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,” according to NFL Media’s Tom Pelissero.
So the Patriots, who were already set to be one of the teams with the most cap space entering the offseason, stand to gain even more cap space as a result. After being projected to have roughly $70 million in cap space this offseason, the Patriots will now have nearly $87 million in cap space, per salary cap guru Miguel Benzan (@PatsCap).
New England can gain even more cap space, though, with just one move. If the Patriots released J.C. Jackson, they would open up over $14 million in salary, bringing them to over $100 million in cap space as the cornerback has no dead money on his contract. There are a few other moves, such as a Mac Jones trade, that could help the Patriots shed even more salary as well.
Of course, with everyone getting the same salary cap number, the Patriots’ standing among teams with the most cap space in 2024 remains the same. They only trail the Commanders for the most cap room this offseason as Washington has a little more than $96 million in cap space this offseason, per Spotrac.
With the increase in the salary cap, players are likely to reap the benefits. In fact, some players who could get franchise-tagged found out they’ll likely make slightly more money now. Following Friday’s salary cap announcement, the NFL also released the franchise tag numbers for the 2024 season, which represented the bump in accordance with the salary cap.
The Patriots have a pair of franchise tag candidates this offseason, with safety Kyle Dugger has been speculated to be the most likely candidate to get tagged. If New England opts to give Dugger the non-exclusive franchise tag (which would allow Dugger to sign with another team but give the Patriots the right to match), he would receive a $17,123,000 fully guaranteed salary for 2024.
The other speculated franchise tag candidate for the Patriots this offseason is Michael Onwenu. The guard-turned-offensive tackle would receive a fully guaranteed $20.985 million salary for 2024 if he were to receive the non-exclusive franchise tag as that number is the same for all offensive linemen, regardless of position.
Hunter Henry has also been speculated to be a possible franchise tag candidate, but Friday’s news likely didn’t affect his franchise tag number. The structure of the contract Henry signed with the Patriots in 2021 (three-year, $37.5 million deal) allows his franchise tag number to be a 120 percent increase from his 2023 salary number ($15.5 million), according to the Boston Sports Journal’s Greg A. Bedard. So, Henry’s franchise tag number for 2024 would be $18.6 million fully guaranteed instead of $12,693,000, which it is for other tight ends.
The cap increase could also make using the franchise tag on certain players more palatable for other teams. Shortly after Friday’s news, the Bengals reportedly informed wide receiver Tee Higgins that he would be receiving the franchise tag, making it more difficult to acquire one of the top pass-catchers who was scheduled to hit the free agency market. The Patriots could still acquire Higgins, but they would either have to negotiate a trade with the Bengals or be willing to sign him and lose two first-round picks.
There are still other options for the Patriots at wide receiver in free agency this offseason. Mike Evans appears more and more likely to hit the market as Antoine Winfield is the more probable candidate to receive the franchise tag from the Buccaneers, according to the Tampa Bay Times.
Colts receiver Michael Pittman and Jaguars wideout Calvin Ridley are the other two top receivers scheduled to hit free agency. There haven’t been reports on whether either player, will receive the franchise tag, but the Jaguars also have to make a decision on edge rusher Josh Allen, who could be one of the best defensive players in free agency this offseason.
Even though it remains unclear who might be a free agent or not, it’s clear that the Patriots will have a lot of money to spend. If the Patriots’ new head coach is to be believed, a lot of it will be spent.
“We’re bringing in talent, 1,000 percent,” Jerod Mayo told WEEI’s “The Greg Hill Show in January.” “Have a lot of cap space, and cash. Ready to burn some cash.”
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