The NFL salary cap has been officially set at $167 million. Teams get an additional $37 million for salaries too according to multiple reports.
The calculation of the salary cap is determined by Article 12, Section 6(c)(i) in the 2011 CBA, that uses projections of future revenue to determine how much money is distributed evenly to the 32 teams.
(i) Calculation of the Projected Player Cost Amount.
The Player Cost Amount shall be calculated as the sum of (1) 55% of projected League Media AR; (2) 45% of projected NFL Ventures/Postseason AR (other than AR from new line of busi-ness projects pursuant to Subsection 1(a)(xii)(2) above); (3) 40% of projected Local AR; and (4), if applicable, 50% of the net AR for new line of business projects pursuant to Subsection 1(a)(xii)(2) above; less (5) 47.5% of the Joint Contribution Amount.
This is a little less than what was expected, but teams will have tons of money to spend.