Tom Pelissero of USA Today reports that the NFL and NFLPA have finalized a 2016 salary cap of a $155.27 million per team.
This comes just a day after NFLPA executive director DeMaurice Smith said that their current salary cap projection is over $154 million.
Last year, the salary cap was set at $143.28 million, so this is an increase of nearly $12 million per year.
Pelissero previously mentioned that the two key factors in the cap spiking were the new Thursday night TV deal and 2015 revenues exceeding projections.
The salary cap has been on the rise for the past few seasons after remaining flat for the first few years of the current collective bargaining agreement. Before this, the cap had increased by $10 million annually, so it’s clear that more money is available for player contracts.
NFL teams are required to spend 89 percent of the their cap and cash spending has to 95 percent of the salary cap limit over a period of four years, or the difference will go to the union who distributes the money between the players.