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With the start of the 2020 NFL league year quickly approaching Wednesday, the NFL Players Association membership voted in favor of the proposed collective bargaining agreement.

The free-agency negotiating window opens Monday, and the passage of the new CBA removes what would've been a significant hurdle during the process.

According to NFL Network's Tom Pelissero, the 2020 salary cap is set at $198.2 million, an increase of $10 million from 2019. That additional cap space is likely to spark a spending spree, especially for the franchises with money to burn.

For example, Ian Rapoport of NFL Network reported Ryan Tannehill agreed to a four-year, $118 million deal to stay with the Tennessee Titans.

Here's a look at the financial situation for each team, per Over the Cap.

Arizona Cardinals
    t
  • Salary-Cap Space: $37,908,710
  • t
  • Offensive Spending: $80,214,250
  • t
  • Defensive Spending: $44,199,849
Atlanta Falcons Baltimore Ravens Buffalo Bills Carolina Panthers Chicago Bears Cincinnati Bengals
    t
  • Salary-Cap Space:
  • t
  • Offensive Spending: $82,791,920
  • t
  • Defensive Spending: $68,475,341
Cleveland Browns Dallas Cowboys Denver Broncos Detroit Lions
    t
  • Salary-Cap Space: $51,428,544
  • t
  • Offensive Spending: $81,553,307
  • t
  • Defensive Spending: $72,274,084
Green Bay Packers Houston Texans Indianapolis Colts Jacksonville Jaguars Kansas City Chiefs Las Vegas Raiders Los Angeles Chargers Los Angeles Rams Miami Dolphins Minnesota Vikings New England Patriots New Orleans Saints
    t
  • Salary-Cap Space:
  • t
  • Offensive Spending: $100,744,001
  • t
  • Defensive Spending: $86,555,708
New York Giants New York Jets
    t
  • Salary-Cap Space:
  • t
  • Offensive Spending: $72,392,858
  • t
  • Defensive Spending: $90,334,694
Philadelphia Eagles
    t
  • Salary-Cap Space:
  • t
  • Offensive Spending: $107,028,867
  • t
  • Defensive Spending: $67,271,821
Pittsburgh Steelers San Francisco 49ers Seattle Seahawks Tampa Bay Buccaneers Tennessee Titans Washington Redskins

Free agency formally begins Wednesday at 4 p.m. ET, at which time players can officially sign their new contracts.

Players who received the franchise tag have until July 15 to work out a long-term extension with their respective teams.

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