NFL salary cap sets record by jumping to $224.8 million for 2023

The NFL reportedly provided teams with two of the most important things for next season on Monday: the salary cap and franchise tags for each position bracket. For the second year in a row, the salary cap has increased significantly, reaching a record $224.8 million for each team.

That’s an increase of $16.6 million over the previous year. After falling from $15.7 million in 2021 due to the pandemic, the cap increased to $25.7 million in 2022.

The Chicago Bears will have $98.6 million in cap space in the 2023 offseason, by far the most in the league. The Atlanta Falcons are expected to have the second-largest cap spot at around $56.4 million. The top five are the Baltimore Ravens ($51.2 million), the Cincinnati Bengals ($44.5 million) and the New York Giants ($44.4 million).

The new cap also sets the franchise tag numbers for the upcoming season. Lamar Jackson and the Ravens have the most notable franchise tag issue heading into the summer. You can use the non-exclusive franchise tag for Jackson, which is guaranteed to cost $32.4 million but will give the former MVP a chance to negotiate with other clubs.

Other players reported to be franchise tag candidates this offseason are Raiders running back Josh Jacobs and Giants Saquon Barkley and Daniel Jones.

Burrow is in the final year of a four-year, $36.1 million contract, signed as the No. 1 in the 2020 draft. His base salary is $11,515,044 per year. That contract includes a fifth-year option for 2024, but the Bengals have openly stated that they will be proactive about Burrow’s contract situation.

However, the Bengals are also in talks with quarterback Joe Burrow for a long-term deal, and the Giants face similarly big decisions with quarterback Daniel Jones and running back Saquon Barkley.

There’s one exception to how much the franchise tag will be worth to some aspiring free agents. If retagged, Chiefs offensive tackle Orlando Brown, Bengals safety Jessie Bates, Cowboys tight end Dalton Schultz, and Dolphins tight end Mike Gesicki would all earn 120% of their previous salaries.

With the 2023 salary cap set at $224.8 million per club, the non-exclusive franchise and transitional tags are now set as well. pic.twitter.com/QRcOpLXbQZ

— Tom Pelissero (@TomPelissero) January 30, 2023

Here is an overview of the salary cap since 2012:

2023: $224.5 million

2022: $208.2 million

2021: $182.5 million

2020: $198.2 million

2019: $188.2 million

2018: $177.2 million

2017: $167.0 million

2016: $155.3 million

2015: $143.3 million

2014: $133.0 million

2013: $123.0 million

2012: $120.6 million