The Kansas City Chiefs clinched their second consecutive Lombardi Trophy this season, defying the odds that had labeled them as the least favorite to win. Brimming with confidence and bolstered by an increase in cap space, Patrick Mahomes and his team are eyeing an unprecedented three-peat.
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Currently, the Chiefs boast a cap space of over $28 million, with their top seven earners consuming more than 60% of it. Mahomes, the highest earner, is set to cost $58,608,269 in cap space in 2024. However, this figure can be reduced to just $23 million if he opts to convert his $1.21 million vet minimum and his $34.9 million roster bonus into a signing bonus.
Marquez Valdes-Scantling, who shone during the playoffs with crucial deep ball receptions, could potentially be released to free up an additional $12 million. Star Right Tackle Jawaan Taylor, under a 4-year, $80,000,000 contract, is slated to cost $24,725,000 in cap hit in 2024. Converting his $19,500,000 base salary into a signing bonus could save up to $12.6 million.
These strategic moves alone could yield savings of $80 million in the 2024 cap space. The defending champions will also benefit from the NFL’s decision to increase the cap space by $30 million, bringing the new total to $255.5 million. This augmented cap will prove invaluable when the club decides to re-sign some of its key players.
Patrick Mahomes currently has a 2024 cap hit of $58.6 million. By converting all but his $1.21 million vet minimum and his $34.9 million roster bonus to a signing bonus, it would reduce his cap hit to $23 million.
Cutting MVS would save the Chiefs an additional $12 million.… pic.twitter.com/mVii21wpoO
— ‼️ (@LanceTHESPOKEN) February 23, 2024
Twenty-three of their 52 players will become free agents. While losing players to free agency is customary, some departures carry more significance than others. Chris Jones and L’Jarius Sneed have been cornerstones of Steve Spagnuolo’s defense. The Chiefs exercised the option on Jones’ contract by paying him the $4.25 million he earned in incentives, retaining the right to franchise tag him. However, failure to reach a deal or use the tag will see him become a free agent as per Fox4.
The five-time Pro-Bowler is seeking $30 million per season, slightly more than what the Chiefs are willing to offer. Sneed, who signed a 4-year, $3,929,320 contract in 2020, has evolved into the best cornerback in the league and is now seeking a market value of $16.3 million per year as per Spotrac.
Defensive End Mike Danna, under a 4-year, $3,558,660 rookie contract, delivered a stellar season with 50 tackles and 6.5 sacks. Valued at $16.3 million annually, there is uncertainty about his re-signing, given the presence of George Karlaftis, Felix Anudike-Uzomah, and Charles Omenihu to fill in at DE.
Willie Gay Jr., who signed a 4-year, $5,271,045 contract in 2020, is currently valued at $7 million but is not expected to return to Kansas. The Chiefs have Nick Bolton and Leo Chenal as potential replacements. Nick Allegretti, under a 1-year, $2,582,500 contract in 2023, served as a backup to All-Pro Guard Joe Thuney. However, with Thuney missing the majority of last season and Nick deputizing seamlessly, there is a chance Allegretti won’t be back.
The Kansas City Chiefs despite being well poised with enough cash to retain key players on their roster to go all out once again next season.
How Much Cap Space Do Kansas City Chiefs Have in 2024?
Before the NFL increased the salary cap limit to $255.5 million for 2024, the Chiefs found themselves roughly $2 million over the cap. However, with the $30 million increase, they now sit comfortably at $28 million under the cap and start the season with a surplus of $23.9 million after factoring in the draft and ERFAs. This positions the Chiefs as the 18th-best in the league in terms of cap space.
Kansas City Chiefs 2024 Salary Cap – 2/23/2024
Currently $26.7m under the cap.
Effectively $23.9m under to start the season after the draft and ERFAs. pic.twitter.com/eNslFQS0mz
— Chiefs Capman (@ChiefsCapman) February 23, 2024
While they may not boast the cap space of the Commanders, who have $87.05 million available, the Chiefs are not in dire straits like the Bills, who are -$41.742 million over the cap despite the $30 million increase. Even the Super Bowl finalists, the 49ers, grapple with one of the league’s largest wage structures, leaving them with a mere $834,165 in cap space. In contrast, AFC rivals such as the Ravens enjoy a comfortable $18.5 million under the cap, and the Bengals, despite spending $21 million on the franchise tag for Higgins, have a substantial $72.8 million in cap space.
