The NFL has told its 32 teams that the salary cap for the 2023 season will be $224.8 million, which sets a new record, according to ESPN on Monday.

The salary cap grew by $16.6 million from $208.2 million for 2022. Moreover, the amounts for the franchise tags have also been set. If a quarterback (QB) receives a nonexclusive franchise tag before the deadline of March 7 and doesn't reach a long-term contract extension with his team before the deadline in July, he will be guaranteed $32,416,000 for the 2023 season.

That's the number the Baltimore Ravens need to know as they haven't reached an agreement with their star QB Lamar Jackson. His contract ended after the 2022 season and has rejected a five-year, $250 million extension offered by the team. If the Ravens don't want to let him hit the free agency market – they surely don't – they need to franchise tag him.

The franchise tag amounts for other positions go in the following:

Linebackers: $20,926,000

Wide receivers: $19,743,000

Defensive ends: $19,727,000

Defensive tackles: $18,937,000

Offensive linemen: $18,244,000

Cornerbacks: $18,140,000

Safeties: $14,460,000

Tight ends: $11,345,000

Running backs: $10,091,000

Kickers and punters: $5,393,000

Teams can begin to negotiate contracts with unrestricted free agents after March 13, but they have to wait until the 2023 league year begins on March 15 to announce all the signings and trades officialy. Since the NFL implements a hard salary cap, all teams must keep their salaries under $224.8 million by the start of the 2023 league year.

At the moment, 18 of the 32 teams are under the salary cap, according to OverTheCap.com. The Chicago Bears have about $90.9 million of salary space, more than anyone else. Among the 14 teams that are above the salary cap, the New Orleans Saints have the biggest number of some $60.5 million to deal with.