Per ESPN’s NFL reporter Adam Schefter, the NFL will raise the salary cap to $130 million, an increase of just over 5% from 2013’s cap of $123 million. This is significant news for the NFL as it puts all but two teams under the cap; the Dallas Cowboys ($20.9 million) and the Pittsburgh Steelers ($8.9 million) are the last two teams still over the cap. Teams have until March 11th to be in compliance with the league’s cap limits; many teams wait until the deadline is closer to make their cuts.
Schefter also put the news out on his Twitter Feed:
NFL’s salary cap now projected to rise to about $130 million, up 5 percent from $123 million last year, per league sources. More $ for all.
— Adam Schefter (@AdamSchefter) February 20, 2014
The Collective Bargaining Agreement (CBA) stipulates how much teams can spend on players’ salaries and is determined through a complex calculation that includes revenue sources such as TV income, ticket sales, and merchandising. Players get about 48% of the total projected revenue; in 2014, a rookie’s minimum salary is $420,000, while a veteran with over ten years credited seasons will receive $955,000. These figures go up $15,000 per year for the life of the CBA (through 2020).