The number was initially estimated to be $177.5 million by ESPN but finalized at the $177.2 million figure.
While the salary cap raised by $10.2 million from last year, the 6.11 percent increase is the smallest from one year to the next since 2013.
Of course, for many NFL teams, the number does not include rollover amounts. For the San Francisco 49ers, that cap number increases to $233 million, according to Andrew Brandt of The MMQB. The NFL's collective bargaining agreement allows teams to carry over unused cap space from one year to the next. Every four years, each team is required to spend at least 89 percent of their cap space to avoid violations.
The number puts the 49ers' salary cap space at nearly $66.3 million, according to OverTheCap.com, which currently ranks fifth in the NFL in terms of available money. The Cleveland Browns have the largest surplus with $108 million in cap space.
NFL free agency kicks off at the start of the new league year on March 14. Teams can begin negotiating with the agents of impending free agents on March 12.
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