The NFL announced Friday its salary cap for the 2024 season will be $255.4 million.

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The Patriots now hold $82.9 million in cap room, second-most in the league, according to Over The Cap. The team can reach roughly $96 million in space if/when it releases veteran cornerback J.C. Jackson or restructures his contract, which is void of guarantees.

The 2024 salary cap is higher than expected, jumping more than $30 million from last season’s limit. In a release, the NFL explained the jump by saying, “The unprecedented $30 million increase per club in this year’s Salary Cap is the result of the full repayment of all amounts advanced by the clubs and deferred by the players during the Covid pandemic as well as an extraordinary increase in media revenue for the 2024 season. ”

The league also announced each team will receive an additional $74 million for player benefits, including Performance Based Pay and benefits for retired players.

Last month, new head coach Jerod Mayo said the Patriots intends to spend in free agency.

“We’re bringing in talent, 1,000 percent,” Mayo said on WEEI. “(We) have a lot of cap space and cash. Ready to burn some cash!”

The Patriots have ranked among the NFL’s cheapest teams by cash spending over the last few seasons and rank dead last over the 10 years, per ESPN. Before adding outside talent, the front office must decide whether to retain top internal free agents, including safety Kyle Dugger, offensive lineman Mike Onwenu, wide receiver Kendrick Bourne and tight end Hunter Henry. Mayo will be working closely with new de facto general manager Eliot Wolf and executives Patrick Stewart, Matt Groh and Steve Cargile during that decision-making process.

NFL free agency will officially open at noon on Monday, March 11, the start of the league’s “legal tampering” period. Free agents cannot sign new contracts until Wednesday, March 13, at 4 p.m., the official start of the NFL’s new year.