Chicago Bears: NFL Salary Cap Set For 2024

The NFL just announced the new salary cap for the 2024 season. Now the Chicago Bears know exactly how much they have to spend on building the roster.

Well, at least one item this offseason is free from speculation. The Chicago Bears have a myriad of decisions to make this offseason. The biggest is whether to keep Justin Fields or trade him and pick a quarterback with the number one pick of the NFL Draft.

At least one question that needed to be answered was. The league announced the new salary cap for the 2024 season. While many knew there would be an increase, the actual amount was historic. The new salary cap is $255.4 million per team.

The increase of $30.6 million is the biggest jump in salary cap in league history. In addition to that huge increase, teams will have an additional $74 million to cover player benefits. That includes performance-based pay and benefits for retired players.

There are two reasons for the huge jump. The first is the repayment of the money advanced to the clubs and money deferred by the players. That happened due to the COVID-19 pandemic. Because of the pandemic, the salary cap fell from $198.2 to $182.5 between 2020 and 2021.

The other reason for the increase is the huge media deal the NFL signed in 2021. That deal netted the league $111 billion. Teams receive money every year. In 2021, teams received $220 million. In 2024, that total will be $282 million.

That big increase is great news for the Chicago Bears. They already had the third-highest salary cap space with about $68 million. That was based on a lower-projected salary cap. With the actual number, they now have about $80.4 million available.

That amount gives the Bears a great deal more money to go after free agents. Poles can go after just about any player he feels could help win games. Last year, he had about $110 million. He was able to acquire wide receiver D.J. Moore and his big contract. He also signed players like linebackers Tremaine Edmunds and T.J. Edwards, and defensive tackle Andrew Billings. Additionally, he also extended defensive end Montez Sweat‘s contract, paying him $98 million.

The league also announced what the values of the franchise tags will be in 2024. That is another important item for the Bears. Another one of Poles’ important decisions is what to do with cornerback Jaylon Johnson.

Johnson just finished his rookie deal. He now wants to be one of, if not the, highest paid cornerback in the league. The two sides have had trouble coming to terms on a new deal. It got to the point where Johnson requested a trade at the deadline in 2023.

A deal could not be made so Johnson stayed. Now he says he wants to stay. If Johnson and the Bears still cannot come to an agreement, Poles has the franchise tag to use. With Sweat already signed, the only player Poles would use the tag on is Johnson.

If he does, the value of the tag is $19.802 million. It would only be for one season, but it would allow both sides to come up with a deal that both sides like.

This news certainly helps Poles in his quest to turn the Chicago Bears into a perennial playoff contender. Now we will learn what he does with the added assets.