NFL Free Agency 2024 explained

Eli Ong
·8 min read

NEW YORK (WGN-TV) — With the start of NFL free agency coming next week, here’s a refresher on dates, numbers and questions football fans may have on the nuances of how NFL free agency works.

The Basics

2024 salary cap: $255.4 million

Day free agency negotiations can begin: March 11 at noon ET

First day teams can officially sign players: March 13 at 4 p.m. ET

The two-day negotiating period

From noon ET on Monday, March 11 until 3:59:59 p.m. ET on Wednesday, March 13, clubs are permitted to contact and enter into contract negotiations with the certified agents of players who will become unrestricted free agents upon expiration of their 2023 player contracts at 4 p.m. ET on March 13.

The two-day negotiating period applies only to prospective unrestricted free agents. It does not apply to players who have received, or who may receive, a required tender applicable to the 2024 League Year (e.g., exclusive rights players, restricted free agents, franchise players or transition players).

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Unrestricted vs. restricted free agents

Players are either “restricted free agents” (RFAs) or “unrestricted free agents” (UFAs). A restricted free agent may be subject to a “qualifying offer.”

A player is considered a restricted free agent if they have three accrued seasons and received a qualifying offer (but chose not to sign it) before the expiration of their current contract at the end of the 2023 league year on March 13.

Unrestricted free agents have completed four or more accrued seasons.

If a player with three accrued seasons has received a “qualifying offer” (a salary tender predetermined by the Collective Bargaining Agreement between the league and its players) from his old club, he can negotiate with any club through April 19.

If the restricted free agent signs an offer sheet with a new club, his old club can match the offer and retain him because the qualifying offer entitles it to a “right of first refusal” on any offer sheet the player signs. If the old club does not match the offer, it may receive draft-choice compensation depending on the amount of its qualifying offer. If an offer sheet is not executed on or before April 19, the player’s negotiating rights revert exclusively to his old club. In addition, prior to the start of free agency a player who would otherwise be a restricted free agent may be designated by his old club as its franchise player or transition player.

A restricted or unrestricted free agent may also be designated by his prior club as its franchise player or transition player.

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Accrued seasons, franchise and transition tags/players

An accrued season in the NFL is defined as a player participating in six or more regular season games on a club’s active/inactive, reserve/injured or reserve/physically unable to perform lists.

The salary offer by a player’s club determines what type of franchise player he is: exclusive or non-exclusive.

An “exclusive” franchise player – not free to sign with another club – is offered the greater of (1) the average of the top five salaries at the player’s position for the current year as of the end of the restricted free agent signing period on April 19; or (2) the amount of the required tender for a non-exclusive franchise player, as explained below.

Article 10, Section 2(a)(i) of the Collective Bargaining Agreement sets forth the methodology, known as the “Cap Percentage Average,” for calculating the required tender for a non-exclusive franchise player:

The Non-Exclusive Franchise Tender shall be a one year NFL player contract for (A) the average of the five largest prior year salaries for players at the position, at which the Franchise Player participated in the most plays during the prior league year, which average shall be calculated by: (1) summing the amounts of the Franchise Tags for players at that position for the five preceding league years; (2) dividing the resulting amount by the sum of the salary caps for the five preceding league years; and (3) multiplying the resulting percentage by the salary cap for the upcoming league year (the “Cap Percentage Average”) ; or (B) 120% of his Prior Year Salary, whichever is greater.

​If a club extends a required tender to a “non-exclusive” franchise player pursuant to this section, the player shall be permitted to negotiate a player contract with any club, except that draft-choice compensation of two first-round draft selections shall be made in the event he signs with a new club.

The transition tag is like the cheaper, less used version of the franchise tag.

Each year, every NFL team can use one franchise tag and one transition tag. Players who are transition tagged fall under the same formula to determine the worth of a franchise tag, but instead of taking the average of the top five salary cap hits at his position over the past five years, the transition tag uses the top 10 salary cap hits over the same timeframe.

Here’s an outline of franchise versus transition tag values this NFL offseason:

*Position: Franchise tag value/Transition tag value

Quarterback: $38,301,000/$34,367,000

Running back: $11,951,000/$9,765,000

Wide receiver: $21,816,000/$19,766,000

Tight end: $12,693,000/$10,878,000

Offensive line: $20,985,000/$19,040,000

Defensive end: $21,324,000/$19,076,000

Defensive tackle: $22,102,000/$18,491,000

Linebacker: $24,007,000/$19,971,000

Cornerback: $19,802,000/$17,215,000

Safety: $17,123,000/$13,815,000

Special teams: $5,984,000/$5,433,000

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Can a team decide to withdraw its franchise or transition tag designation on a player?

Short answer, yes.

A club can withdraw its franchise or transition designation, and the player then automatically becomes an unrestricted free agent, either immediately if the tender is withdrawn after the start of the 2024 League Year, or when his 2023 contract expires, if the tender is withdrawn before the start of the 2024 League Year.

Rights of first refusal

When it comes to the right of first refusal and the qualifying offer amounts who have completed three accrued seasons, the right of first refusal only comes with a one-year salary of at least $2,985,000.

For right of first refusal and compensation at the player’s original draft round, a one-year salary of at least $3,116,000 or 110 % of the 2023 Paragraph 5 salary, whichever is greater.

For right of first refusal and compensation of one second-round draft selection, a one-year salary of at least $4,890,000 or 110 % of the 2023 Paragraph 5 salary, whichever is greater.

For right of first refusal and compensation of one first-round draft selection, a one-year salary of at least $6,822,000 or 110 % of the 2023 Paragraph 5 salary, whichever is greater.

For right of first refusal and compensation of only one first-round draft selection, but any provision in the new club’s offer sheet waiving or limiting the new club’s ability to designate the player as a franchise or transition player is not a principal term and need not be matched by the prior club, a one-year salary of at least $7,322,000 or 110 % of the 2023 Paragraph 5 salary, whichever is greater.

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NFL Free Agency Timelines

Restricted free agents: March 13 – April 19

*Unrestricted free agents: UFAs who have received a tender from their prior club by the Monday immediately following the final day of the NFL Draft for the 2024 League Year (i.e., April 29) — March 13 – July 22 (or the first scheduled day of the first NFL training camp, whichever is later).

Franchise players: March 13 until the Tuesday following Week 10 of the regular season, Nov. 12.

*Transition players: March 13 – July 22.

*After July 22 and until 4 p.m. ET on the Tuesday following Week 10 of the regular season, Nov. 12, the prior club has exclusive negotiating rights to unrestricted free agents and transition players. If the above-listed players do not sign by Nov. 12, they must sit out the season.

When must teams be in compliance with the salary cap?

At the start of the 2024 League Year, which begins at 4 p.m. ET on Wednesday, March 13.

A team may carry over salary cap room from one league year to the following league year by submitting notice to the NFL prior to 4 p.m. ET on the day following the team’s final regular-season game, indicating the amount of room that the club wishes to carry over.

A club can carry over 100% of its remaining 2023 room to its adjusted salary cap for 2024.

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