NEWSLETTER
As the 2023 NFL season enters its final stages, the league’s earning potential off the field continues to prove why football remains the most popular professional sport in the United States.
According to early predictions, the salary cap for the 2024 NFL season is expected to exceed $240 million, which is a substantial increase over this year’s mark ($224.8 million).
According to a report by NFL Media’s insiders Tom Pelissero and Ian Rapoport, one source told them: “Business is booming, and everyone is finally out of the COVID debt.”
Although the official announcement for the next year’s salary cap is not expected until at least January, multiple reports suggest that NFL team owners are anticipating a third consecutive year of significant growth, as league revenues continue to recover from the pandemic.
COVID-19 NFL Salary Cap Dip In the Rearview Mirror
The NFL, along with other major sports leagues, experienced fluctuations in salary cap due to COVID-19. The salary cap for the NFL in the past few years reflects such.
In 2019 and 2020, the salary cap was $188.2 million and $198.2 million, respectively. It was expected to cross the $200 million mark in 2021. Still, the pandemic — which caused all 32 teams to lose all ticket revenue and all revenue associated with fans being in attendance — delayed that milestone.
In 2021, following the fan-less season, the salary cap dipped to $182.5 million. Since then, it’s rebounded at $208.2 million and $224.8 million in 2022 and 2023, respectively.
The league’s revenue will receive a significant boost thanks to the new $110 billion media rights deal, which will be reflected in the final numbers for the current season. The league is expected to have generated nearly $20 billion in revenue in 2022, bringing the league closer to Commissioner Roger Goodell’s long-term goal of $25 billion in annual revenue.
The NFL’s revenue is expected to continue to grow in the coming years, with 2024 predicted to be another record year.
