NFL teams were informed Thursday that the 2025 salary cap has been set at a record $279.2 million per team, league spokesperson Brian McCarthy announced.

It’s an increase of $23.8 million per team. Last year’s salary cap was $255.4 million per team.

McCarthy also announced that the limit on projected player costs, including benefits, is set at $362.48 million.

NFL teams were notified today that the 2025 salary cap has been set at $279,200,000 per club. Total projected player costs, including benefits, are slotted at $362,480,000. Here’s a look at the cap year-over-year. pic.twitter.com/riVb7MJ6Se

— Brian McCarthy (@NFLprguy) February 27, 2025

The salary cap is calculated annually based on a collectively bargained formula tied to league revenues, which have increased in recent years because of new media rights deals.

The NFL’s franchise tag deadline is Monday at 4 p.m. ET, and the free agent negotiating period begins March 10 at noon ET.

The NFL’s new league year will open at 4 p.m. ET on March 12.