Raiders get good news after salary cap set for 2024 season

Tom Telesco, left, and Antonio Pierce are introduced as general manager and coach during a press conference at Raiders headquarters in Henderson Wednesday, Jan. 24, 2024. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

The Raiders are projected to have about $49 million in cap space after the NFL set its 2024 salary cap at $255.4 million on Friday.

The $30 million growth from the 2023 cap represents a record-breaking annual increase and surpasses the $242 million projection most analysts predicted for next season.

The reason for the surprising surge is twofold. First, it represents NFL players paying back in full money that was advanced by teams and deferred by players to offset the financial losses caused by COVID-19. And there’s the financial windfall from the rise in media revenue from the 2023 season.

The Raiders’ $49 million cap space is expected to rise after they make moves before the start of the new league year next month. By releasing quarterback Jimmy Garoppolo and wide receiver Hunter Renfrow — both are likely to be cut — the Raiders could increase their space by at least $18 million.

Contact Vincent Bonsignore at vbonsignore@reviewjournal.com. Follow @VinnyBonsignore on X.