The floor of the NFL salary cap for 2021 has been set at $180 million, an increase of $5 million from last year’s previous agreement between the league and the NFL Players Association.

The NFL informed teams in a memo on Thursday morning that the $180 million figure is not the final 2021 cap number, just an adjustment to the floor. The new league year and free agency is slated to begin on March 17.

“As you know, one aspect of the agreements negotiated last summer with the NFLPA to address operations during the pandemic provides that the 2021 Salary Cap will be no less than $175 million,” the memo read, per NFL.com. “Following discussions with the union that addressed both actual 2020 revenues and projected attendance for the 2021 season, we have agreed to increase the minimum Salary cap for the 2021 League Year to $180 million.

“This is not the final Salary Cap for the 2021 League Year, which will be set following review of final 2020 revenue figures and other audit and accounting adjustments. This agreement simply increases the minimum 2021 Salary Cap by $5 million per club, from $175 million to $180 million.

“We will promptly advise all clubs as soon as the Salary Cap is set.”

The 2020 salary cap rested at $198.2 million.