The NFL announced the salary cap for the 2024 season, increasing an unprecedented $30 million from the previous campaign up to $255.4 million. How will the Indianapolis Colts be impacted?
With this new figure, the Colts now sit at $72.3 million in salary-cap space (sixth-most) and $68.1 million in effective salary-cap space (fifth-most), according to Over The Cap.
The Colts already knew they were entering into the 2024 offseason among the leaders in salary-cap space. However, the figure the league announced Friday is roughly $10 million more than most teams expected to be working with this offseason.
The extra flexibility might be enough to help the Colts sign multiple contract extensions with some big names like Michael Pittman Jr., Kenny Moore II and Grover Stewart—all of which are slated to be unrestricted free agents in March.
The biggest name is Pittman, who is the catalyst for the offense. A contract extension for the team’s WR1 is expected to be above $20 million annually, and the franchise tag numbers are now official with the announcement of the salary cap.
If the Colts wanted to use the non-exclusive franchise tag on Pittman, it would cost them $21.8 million.
It will be interesting to see how this will shake out for the Colts, but the higher salary-cap number should work in their favor to get deals done with their big-name free agents.
