The NFL salary cap has risen by almost $10 million per team from 2013 and will now be $133 million.
During the 2013 season, NFL owners were told that the cap would rise to $126.3 million but Friday's announcement has shown that figure to have been way short of the mark.
Teams are currently averaging $6.1 million of carry over cap space from last year and the $10 million rise will give them much more room to breathe.
The announcement will come as good news to many NFL franchises such as the Dallas Cowboys who earlier this week had to release defender DeMarcus Ware due to their weak financial position.
Ware who had been a big name in the Cowboy's defense was released because the Cowboys were struggling to be line with the financial restrictions imposed by the cap.
It is just the start of a six year period which will see NFL franchises and players all enjoy the fruits of lucrative broadcasting deals
The cap is expected to rise even higher for 2015 after the league's new television deals enter the equation.