The Patriots' good week after beating the Steelers on Thursday Night Football continued on Sunday, as the latest update regarding the NFL's 2024 salary cap provided insight into how it could ultimately impact the team's plans for a complete overhaul of the roster.
Before the report's release on Sunday morning, websites like Over the Cap estimated the amount would be around $255 million, meaning the Patriots would have somewhere between $80-$90 million to spend in free agency. It was a projection that would give the team even more money to spend than their last spending spree in 2021, an exciting way to enter the offseason after a failed year.
But the latest update by NFL Network's Tom Pelissero and Ian Rapoport claims the new projection will start at around $240 million, quite a decrease from what had been speculated until now.
"But people familiar with the matter say surging revenue and diminishing aftershocks of the 2020 pandemic are on track to yield significant cap growth over the next several years, with a 2024 cap likely to land north of $240 million and additional revenue rolling into future caps.
As one source put it: "Business is booming, and everyone is finally out of the COVID debt."
Sources say revenue projections could support a 2024 salary cap well above the $240 million range -- another enormous increase from a record $224.8 million per club this year, up from $208.2 million in 2022."
When it comes to signing players to new contracts, $13 million isn't all that significant in the big scheme of things. The salary cap can be manipulated and worked around to an extent, allowing a team to bring in more players they want for the amount they are willing to pay them/what they demand.
But when a team is in a position like the Patriots are, needing a significant makeover to their roster, less money could mean losing out on a player, which they can't afford to do while trying to build a competitive team.
Unfortunately, the actual number won't be determined until after the New Year, as the NFL and the NFLPA need to agree on an amount before an announcement can be made. Regardless, the Patriots will have a good amount to play with and should use every penny of it, much like the spending spree in 2021, but hopefully, they'll bring in some better players this time.