The NFL salary cap will jump to a record $224.8 million in 2023, the league informed teams on Monday.
The 2022 salary cap was $208.2 million.
Among the teams projected to have excess spending power available under the cap, according to Spotrac, are the Chicago Bears ($99 million), Atlanta Falcons ($57 million), Cincinnati Bengals and New York Giants ($44 million).
However, the Bengals are reportedly discussing a long-term deal with quarterback Joe Burrow and the Giants are facing similar big-money decisions on quarterback Daniel Jones and running back Saquon Barkley.
Burrow is under contract with a base salary of $11,515,044 on the final year of his four-year, $36.1 million deal signed as the No. 1 pick in the 2020 draft. That contract includes a fifth-year option for 2024, but the Bengals have publicly stated they'll be proactive in addressing Burrow's contract status.
The Giants passed on Jones' fifth-year option and he's scheduled to become an unrestricted free agent when the NFL league year begins March 15.
Multiple 2023 playoff teams are operating in the red, including the Buffalo Bills ($20 million over) and Jacksonville Jaguars ($32 million over).
"We're going to have to be creative," Bills GM Brandon Beane said last week regarding the prospects of signing a free agent this spring.
The Tampa Bay Buccaneers are around $55 million over the cap, behind only the New Orleans Saints ($57 million) among teams currently in the negative.
New media contracts and the 17th regular-season game are contributors to the record-high mark, NFL Network reported.
The salary cap by year 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
--Field Level Media