A source confirmed to ESPN that the NFL has told its 32 teams that the 2023 salary cap will be a record $224.8 million.
This represents a $16.6 million increase from the 2022 salary cap, which is $208.2 million.
The league will notify teams in March of total expenses, including player benefits.
The news was first reported by NFL Network.
Teams are allowed to negotiate with unrestricted free agents beginning March 13 at noon ET. The 2023 league season officially begins on March 15 at 4 p.m., after which free agent signings and trades can be officially announced.
The Chicago Bears are expected to have the most cap space at over $91 million, while the New Orleans Saints are projected to have less cap space at just over $58 million. According to OverTheCap.com.
Teams must be under the salary cap by the start of the 2023 league year.
ESPN’s Jeremy Fuller contributed to this report.