Free agency is roughly one month away, and teams are preparing for the first major roster-building checkpoint on the offseason calendar. In several cases, of course, the lead-in to the start of the new league year will require cost-cutting measures.
Teams expect the 2025 cap ceiling to check in somewhere between $265MM and $275MM, providing a general target to aim for before the final figure is unveiled by the NFL. Using a projected cap of $272.5MM, here is a look at where all 32 teams currently stand (courtesy of Over the Cap):
New England Patriots: $119.8MM
Las Vegas Raiders: $92.53MM
Washington Commanders: $75.21MM
Arizona Cardinals: $71.33MM
Los Angeles Chargers: $63.41MM
Chicago Bears: $62.97MM
Minnesota Vikings: $58.01MM
Pittsburgh Steelers: $53.26MM
Cincinnati Bengals: $46.26MM
Detroit Lions: $45.69MM
San Francisco 49ers: $44.26MM
Tennessee Titans: $44.08MM
New York Giants: $43.38MM
Green Bay Packers: $42.14MM
Los Angeles Rams: $38.33MM
Denver Broncos: $34.78MM
Jacksonville Jaguars: $32.27MM
Indianapolis Colts: $28.25MM
Carolina Panthers: $20.33MM
Philadelphia Eagles: $18.08MM
New York Jets: $16.86MM
Baltimore Ravens: $5.96MM
Tampa Bay Buccaneers: $2.24MM
Houston Texans: $99K over the cap
Kansas City Chiefs: $916K over
Dallas Cowboys: $2.85MM over
Miami Dolphins: $5.44MM over
Atlanta Falcons: $11.15MM over
Seattle Seahawks: $13.46MM over
Buffalo Bills: $14.18MM over
Cleveland Browns: $30.17MM over
New Orleans Saints: $54.11MM over
These figures will of course change based on where the final cap ceiling winds up for the year, but they take into 
account each team’s carryover amount for 2025. Even with those savings in play, more than one quarter of the league finds itself in need of cost-shedding moves to simply achieve cap compliance by mid-March.
With the Patriots leading the way in terms of spending power, they will be a team to watch closely once free agency begins. The team’s willingness (or lack thereof) to make major free agent additions last year was a talking point, and it will be interesting to see if the regime featuring de facto general manager Eliot Wolf and new head coach Mike Vrabel takes a different approach in 2025. A serious push for Tee Higgins – by far the most sought-after wideout set to hit the market – can be expected.
Aside from Higgins, the Bengals have a number of financial priorities. Working out a monster extension for fellow receiver Ja’Marr Chase and a new deal (and accompanying raise) for edge rusher Trey Hendrickson are key goals for the franchise. Quarterback Joe Burrow is prepared to restructure his own pact to create cap space for this offseason, but the team will no doubt need to break with tradition in terms of contract structure and guarantees to keep its core intact.
The Colts’ offseason has been defined in large part by a focus on retaining in-house players during recent years. That approach has not paid off as hoped, and general manager Chris Ballard said last month he plans to oversee a shift in roster-building philosophy this year. With the finances to make at least a modest addition or two on the open market, Indianapolis could be a suitor for some of the middle-class free agent options.
Over the coming weeks, many teams will proceed with extensions and restructures to free up cap space; the Seahawks recently took the latter route with defensive lineman Leonard Williams. Teams like the Steelers (in the case of edge rusher Preston Smith) and Dolphins (with running back Raheem Mostert as well as corner Kendall Fuller and tight end Durham Smythe) have already begin cutting veterans to free up cap space. That will increasingly continue in the near future with respect to the teams currently slated to be over the cap in particular.