2023 Salary Cap: Here’s how much money the Bears have to spend in free agency

The NFL announced the official 2023 salary cap amount on Monday, and the Chicago Bears, as expected, sit atop the league with the most money to spend in the upcoming free agency period, which kicks off with the two-day negotiation period on March 13.

The 2023 salary cap is expected to be $224.8 million, an increase of 8% from 2022. The Bears rank first by a wide margin in cap space with $98.6 million. The Atlanta Falcons are second at roughly $56.4 million under the cap.

Let’s put that into perspective. The Chicago Bears can spend $32 million on free agents and still be tied with Atlanta for the most salary cap space.

Remember: these numbers are still being called estimates, and there are some conflicting reports about the exact amount of salary cap space the Bears have. Pro Football Focus” Brad Spielberger, one of the best salary cap analysts in the industry, shared this detailed breakdown of the Chicago Bears’ current financials:

Been asked a few times…

Bears went from ~$118M in projected 2023 cap space to $93M because:

– $4.5M in incentives for Riley Reiff

– Six 2020 draft picks earned the Proven Performance Escalator, earning raises of over $1M

– Bears extend ESB, sign 8 futures/reserves deals

— Brad Spielberger, Esq. (@PFF_Brad) January 31, 2023

Daniel Bartel -USA TODAY Sports

Chicago Bears hold the keys to 2023 free agency

Regardless of the final dollars and cents on the ledger sheet, the Bears hold the keys to the 2023 offseason. Armed with the No. 1 overall pick in the 2023 NFL Draft and the most spending power in free agency, general manager Ryan Poles is in a unique position to flip Chicago from the NFC North’s worst team to potentially its best.

The Jacksonville Jaguars are a recent example of how having assets like the Bears’ can lead to quick results. After selecting Trevor Lawrence with the first overall pick in the 2021 draft, the Jaguars spent big money on pass catchers in last year’s free agency cycle (Christian Kirk, Evan Engram, etc). They had the No. 1 pick in 2022 and used it on edge rusher Travon Walker. Most of their moves worked out, resulting in an AFC South championship and a deep playoff run.

Can the Chicago Bears make the same kind of one-season turnaround that the Jaguars enjoyed? It’s a realistic possibility, as long as Poles takes an aggressive approach in free agency and opens the checkbook to add help around Justin Fields.

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