NFL cap space: Jaguars, Jets headline free agency; Saints, Eagles scramble for options

The NFL offseason is just two weeks away with the new league year beginning on March 17 when franchises will be able to add free agents to their rosters. While the offseason is generally a time when teams go on a spending spree, the coronavirus pandemic created a revenue shortfall and the salary cap took a steep decline. The NFL salary cap space took a hit for the first time since its inception in 1994 from the current $198.2 million to $180 million. 

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NFL teams cap space: How much NFL cap space do franchises have left? 

The expectation is that the 2021 salary cap won't be above $185 million. The cap space is being rolled back to between 2018 and 2019 levels when it was $177.2 million and $188.2 million, respectively and will have major casualties during player contracts. The reduced NFL cap space means players whose roster spots wouldn't normally be in jeopardy are being asked to take pay cuts and getting released out of necessity. Teams must be under a declining salary cap when the new league year starts on March 17.

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The financial uncertainty and chaos mean that the NFL free agency market will see an uptick, with supply likely to exceed demand with the market being flooded because of teams releasing more players than usual in order to be cap compliant. Players will have to make the choice between signing a subpar multiyear contract or a one-year "prove it" deal in hopes of being in a better salary cap climate next year while younger players should resist the urge to sign long-term deals under these circumstances. Teams also will be willing to get creative with contract structure to combat a crunched NFL salary cap space. 

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Teams with an abundance of cap room, such as the Indianapolis Colts, the Jacksonville Jaguars, the New York Jets, the New England Patriots and the Washington Football Team, will be in a position to significantly upgrade rosters more easily than in previous years. Meanwhile, the likes of the Kansas City Chiefs, the New Orleans Saints, and the Philadelphia Eagles will struggle to overhaul rosters ahead of the new season. However much could change before March 17, as franchises could quickly cut players to make up for a cap deficit to give them free rein at the NFL free agency market. Franchise tags are likely to get cheaper, with a drop of 8 to 9 per cent expected depending on where the 2021 salary cap is set. Here's the official NFL teams cap space for all 32 franchises courtesy of ESPN's Dianna Russini:

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(Image Courtesy: nfl.com)