Predicted to be heavy spenders this summer, the New England Patriots have about $87 million in discretionary salary cap space.

The 1933 hit song “We’re in the Money” by The Gold Diggers would be a good choice if the New England Patriots were to choose theme music for the opening of the league season.


The Pats, who were already in a strong position to benefit financially from this offseason, were given even more motivation to be “big spenders” on Friday when the NFL revealed that the salary cap for 2024 would be set at $255.4 million, which represents an increase of over $30 million from the previous season and more than $10 million over projections.
According to NFL Network, “this extraordinary $30 million increase per club in this year’s Salary Cap is the result of an extraordinary increase in media revenue for the 2024 season as well as the full repayment of all amounts advanced by the clubs and deferred by the players during the Covid pandemic.”

A more sarcastic mind may argue that NFL finances have taken a significant turn for the better in the last several months.

 
However, according to Patriots salary cap analyst Miguel Benzan, the team will continue to rank among the top teams in the league with $86.9 million in available salary cap space. The Pats’ ideal financial situation was mostly due to the NFL’s remarkable cap ceiling, but Benzan said that a few other variables also contributed to New England’s rise.