NFL owners looking to bolster their teams over the offseason and throughout the next campaign will have more freedom to spend money.

On Monday, a source confirmed that the league had informed all 32 teams that the salary cap for each club in 2023 will be a record $224.8 million, a $16.6 million increase from 2022.

The NFL has also set the amount for 2023 franchise tags, while insiders have confirmed that quarterbacks that receive non-exclusive franchise tags before the deadline on Match 7 at 4 pm eastern will be guaranteed a salary of $32,416,000 for the 2023 season if they can’t agree to a long-term contract by the deadline in July.

Here is a list of the franchise tag amounts by position:

In addition to this announcement, NFL teams will be allowed to negotiate with unrestricted free agents beginning on March 13 at noon eastern, while the 2023 league year officially kicks off at 4 pm eastern on March 15.

That is also when trades and signings can be officially announced.

It’s expected that the Chicago Bears will have the most salary cap space, with over $91 million, while OverTheCap.com has the New Orleans Saints expected to have more than $58 million worth of cap space.

All NFL teams must be under the salary cap by the beginning of the 2023 league year.