The Miami Dolphins and the rest of the NFL world received big news on Friday, as the league announced that the salary cap for the 2024 season will be $255.4 million per club.
It’s a drastic increase over last season’s salary cap, which came in at $224.8 million. The $255.4 million cap for the 2024 season is higher than projected.
The NFL announced today that the 2024 Salary Cap will be $255.4 million per club, with an additional $74 million per club payment for player benefits, which includes Performance Based Pay and benefits for retired players.
— Tom Pelissero (@TomPelissero) February 23, 2024
The Dolphins will be particularly impacted by the new salary cap. They were projected to be over the cap by more than $50 million before the news of the $255.4 million figure was announced. Now, they’re projected to be over the cap by less than $40 million.
Miami reportedly plans to release Emmanuel Ogbah on Friday, a move that will clear close to $14 million in cap space.
BREAKING: Emmanuel Ogbah will be released by the #Dolphins today, per @AdamSchefter.
— Dolphin Nation (@Dolphin_Nation) February 23, 2024
Even with the higher-than-expected salary cap for 2024, the Dolphins have a lot of work to do to get under the cap (and even more to retain some key free agents).
The move clears close to $14M in cap space. https://t.co/oCrwjqqnk8
— Field Yates (@FieldYates) February 23, 2024
The new salary cap is a positive development for the organization, and it changes the outlook of the offseason a bit. Miami will still have some difficult financial decisions to make, but the path to a viable cap situation just got a little bit more manageable.
The Dolphins may be feeling some pressure to have a successful offseason after the team took a first-round exit in the playoffs for a second consecutive year. In the 2022 season, Miami was eliminated by the Buffalo Bills, and in the 2023 season, the Kansas City Chiefs did the honors.
Dolphins star Tyreek Hill believes the team has run out of excuses, so there seems to be a sense of urgency within the walls of the Miami organization. The Dolphins have put together four straight winning seasons, but they haven’t earned a playoff victory in decades.
Friday’s salary cap news will impact more teams than just the Dolphins, so it’ll be worth monitoring how other organizations take advantage of the new figure. But Miami has to be happy with the development, as life just got a little bit easier for the team.
Aside from dealing with the cap, the Dolphins would love to find ways to fill in some holes this offseason, and the 2024 NFL Draft will give them a chance to do so. The draft will take place in April. Miami is currently scheduled to have six selections this year, including one in the first round. Time will tell which rookies land in South Florida.
