NFL teams will have a lot of extra spending money this year.
According to multiple media reports Thursday, the league's salary cap will be set at approximately $133 million this year. Last year's cap was $123 million, and the league projected the 2014 cap to be $126.3 million as recently as December.
The figure is higher than teams were expecting, which will provide some relief for two cap-strapped organizations, the Dallas Cowboys and Pittsburgh Steelers.
NFL.com reported that the official cap figure might be announced as soon as Friday. Teams have until March 11 -- the start of the league's 2014 year and free agency -- to get under the cap.
According to USA Today Sports, the Cowboys' cap figure was $150.9 million as of Thursday, while the Steelers' was $138.7 million. The NFL.com report indicated that the cap is expected to make another large leap in 2015 when new television contracts are factored into the equation.
The league and the players association jointly set the cap based on percentages of television money, league properties and local revenue. The collective bargaining agreement also calls for salary floors.