On Friday, the NFL announced an unprecedented increase of just over $30 million to $255.4 million, which was markedly higher than most cap projections ahead of the new league year, which officially begins on March 13. The 2023 salary cap was $224.8 million.
According to OverTheCap.com, the Ravens rank 20th in cap space at roughly $18.5 million, but that’s before accounting for the contract structure of wide receiver Nelson Agholor, who signed a one-year deal earlier this week. That amount looks much better on paper than previous projections, but a higher cap benefits all 32 teams and will only drive up the market cost for free agents, which is why expectations should be tempered.