The wage cap for the upcoming season is formally determined by the NFL just before the league year begins in March.
It typically increases by 10% annually, but in 2024, it increased much more than that.
Ian Rapoport of NFL Network reports that the salary cap will rise by $30 million to $255.4 million, or almost 14%.
According to Rapoport, the significant rise in media rights deals and the money that the players postponed during the COVID outbreak are to blame.
Compared to Over The Cap's estimated salary cap space of $242 million, they currently have around $13.4 million more.
They now project having roughly $37,868,132 in cap space.
Although that number may change somewhat from time to time, it greatly facilitates free agency maneuvering.
The Vikings' salary cap space increases by $13.4 million.