On Friday, the 2024 NFL salary cap figure was revealed, and it's much higher than what was originally thought. This helps every other team but does truly help out the Broncos a ton. Things just got a bit easier financially for the Denver Broncos in 2024:
BREAKING: The NFL informed teams today that the 2024 salary cap will be $255.4M, per @jjones9.
— Ari Meirov (@MySportsUpdate) February 23, 2024
That's a huge $30.6M increase from last year. 📈📈 pic.twitter.com/xBGzAFLiWF
This is a huge, huge jump from last year, and the original thought was that the 2024 salary cap number would fall right around $242 million. Over The Cap used that latter figure to calculate their cap space among all NFL teams, so if you head to their website now, you'll see the updated figures.
Currently, the Broncos are now at (-$10,713,824) in cap space. Since the 2024 salary cap is roughly $13 million higher than originally thought, this could allow Denver to not have to part with a veteran who was potentially on the bubble going into the offseason.
With about $11 million to erase instead of $24 million, the Broncos can just about wipe away all of their cap overages with a simple release of DJ Jones, for example. Trading WR Jerry Jeudy would actually get them into positive cap space. And those two moves don't have to be all they make. The team could do something with the contracts of Courtland Sutton, Justin Simmons, and Garett Bolles.
Yes, this cap increase does benefit the 31 other teams, but for the teams like the Broncos who are cap-strapped, this updated cap figure for 2024 is a huge sigh of relief. Now, all of a sudden, with a handful of roster tweaks, the Denver Broncos can find themselves with plenty enough cap space to make some noise in free agency this year.
This cap figure for 2024 also lessens the financial burden of the Broncos likely cutting Russell Wilson as well, which is the biggest benefit from this huge increase.
Denver Broncos 2024 Cut Candidates
QB Russell Wilson
QB Jarrett Stidham
WR Tim Patrick
DT DJ Jones
P Riley Dixon
CB Damarri Mathis
Denver Broncos 2024 Trade and Extension Candidates
WR Jerry Jeudy
WR Courtland Sutton
LT Garett Bolles
C Lloyd Cushenberry
S Justin Simmons
Denver Broncos 2024 Restructure Candidates
LG Ben Powers
RT Mike McGlinchey
DE Zach Allen