Titans Have $72.5 Million in Salary Cap Space to Potentially Invest in Free Agents

Tennessee Titans general manager Ran Carthon got some good news Friday: He has more money to potentially spend on free agents. 

The NFL announced on Friday that for the 2024 season the salary cap for each club has risen more than $30 million to $255.4 million. As a result, the Titans will have $72,534,425 in effective cap space, according to OverTheCap.com. 

With critical needs on the offensive line, in the defensive backfield, and at the wide receiver position, the Titans will have the potential to accelerate their rebuilding process beginning March 13, when NFL teams can sign free agents.

The NFL released a statement explaining the salary cap increase. 

"The NFL announced today that the 2024 salary cap will be $255.4 million per club, with an additional $74 million per club payment for player benefits, which includes Performance-Based Pay and benefits for retired players. Total 2024 player costs will be $329.4 million per club, or more than $10.5 billion league-wide.

"The unprecedented $30 million increase per club in this year's salary cap is the result of 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."

After signing at least 51 players and their rookie class, a team's effective cap space is determined by subtracting their total salary cap number from the overall cap limit for the league.