With the start of June just around the corner, several NFL teams are gearing up to create cap space for the upcoming 2024 season. Despite the offseason downtime, teams are making strategic moves to maximize their financial flexibility.

In preparation for the 2024 season, approximately one-third of NFL teams have released players with post-June 1 designations. This means that while these players were cut in March, the salary cap implications will only take effect on June 2. Until then, these players continue to carry their existing cap numbers.

Thirteen NFL players were released earlier this offseason with a post-June 1 designation, and a significant portion of their cap hits will shift into the 2025 season. Among them, the Denver Broncos made headlines by taking on a massive $85 million in dead cap space to release Russell Wilson. However, Denver will not gain any cap space on June 2 as Wilson's 2024 cap hit was $35.4 million, matching the Year 1 dead cap hit.

The advantage of this move is that the remaining $49.6 million in dead money will be spread over Year 2 in 2025. It's worth noting that the second number mentioned in the post-June 1 designations is not indicative of the cap space created on June 2. Instead, it represents how the dead money will be shifted into the future.

Another player to keep an eye on is Shaq Barrett, who was initially set to count $11.2 million on Tampa Bay's cap hit for 2024. However, with the post-June 1 designation, his cap charge will actually increase to $12.3 million on June 2. Without this designation, his cap hit would have skyrocketed to $26.7 million, including the total dead cap hit.

These strategic moves not only allow teams to create cap space but also offer opportunities for some free agents who have been patiently waiting for the right opportunity. With major free agents signing contracts and the NFL Draft concluded, these agents can now assess which teams have genuine needs and where they can find the best fit for the 2024 season.

While a few may still wait for a training camp injury to open up a spot, it is important to note that teams will not have additional cap space for the rest of this offseason. Therefore, now is the ideal time for many free agents to agree to contracts and secure their positions.

As the offseason progresses, the NFL landscape continues to evolve, with teams strategically creating cap space for the 2024 season. Stay tuned for more updates on team transactions and player movements in the coming weeks.

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