NFL Sets Salary Cap at $133 Million, Packers Have $35 Million to Spend

Over the past few weeks, we've seen many projections for the 2014 NFL salary cap. For the most part, the estimates fell around the $130-134 million range, a tremendous jump from the $123 million threshold from a year ago.

At last, the league has announced the official figure.

NFL just sent the memo out to teams: 2014 cap is $133M on the dot

— Jason La Canfora (@JasonLaCanfora) February 28, 2014

The new $133 million salary cap is the highest in league history. It also represents the biggest one-year jump since the 2011 collective bargaining agreement was enacted.

For the Packers, this means they'll have $35 million in available funds to work with this offseason. That's good news for a team with a cavalcade of free agents to bargain with and many more coming a year from now.

Before anyone starts making plans for a free agent spending spree, keep in mind what the extra cap space is likely to cause. For teams looking at their free agents and potential cap cuts, the additional $10 million in cap space will provide them with additional resources to retain those players. That means that fewer players will make it onto the open market.

However, this does bode well for the Packers hopes of re-signing Sam Shields, Evan Dietrich-Smith, and B.J. Raji. Green Bay now has enough space to both extend those players and reserve enough funds for Jordy Nelson, Randall Cobb, Bryan Bulaga, and their other soon-to-be free agents.