NFL teams and players received unexpected good news as it was announced that the 2024 salary cap will be $255.4 million, a significant increase from initial projections. This unprecedented $30 million jump per club was attributed to the full repayment of amounts advanced during the Covid pandemic and a surge in media revenue for the upcoming season.

One major consequence of this substantial salary cap increase is the situation facing the Dallas Cowboys with quarterback Dak Prescott. Prescott, in his contract year, is currently the second-highest 2024 salary cap figure at $59.455 million. Negotiations with Prescott may lead to him becoming the league's highest-paid player with a contract extension.

The Super Bowl LVIII champions, the Kansas City Chiefs, are prioritizing re-signing key players like Chris Jones and planning contract discussions during the NFL Combine from Feb. 27 to March 4. The Chiefs are looking to accommodate a franchise tag for Jones, with quarterback Patrick Mahomes being a potential source for restructuring contracts to create cap space.

The New Orleans Saints are also adjusting to the increased salary cap, working to become cap compliant before the 2024 league year starts on March 13. The Saints have already gained cap space through restructuring contracts with players like Derek Carr and Erik McCoy.

With the higher salary cap, more teams are expected to be active in free agency, potentially leading to increased competition among teams. Franchise tag costs have also increased due to the unexpected changes in the salary cap, affecting players like Bears cornerback Jaylon Johnson.

Overall, the surprising salary cap increase for the 2024 NFL season is set to have wide-reaching implications for teams, players, and free agency strategies.