Julie Jacobson/Associated Press

The NFL's salary cap has been set at $177.2 million, NFL Network's Mike Garafolo reported Monday.

According to Garafolo, the league has made all 32 teams aware of the figure. It represents a $10 million increase over the 2017 salary cap, which was $167 million.

The final cap number is slightly less than what had been projected. Pro Football Talk's Mike Florio reported in February some were expecting the cap to be $178 million and potentially reach $179 million.

Still, the fact the cap increased as much as it did illustrates the continued financial growth of the NFL.

SportsBusiness Daily's Daniel Kaplan reported in March 2017 the league expected to collect about $14 billion in total revenue over the course of the 2017 season, which would be an increase of $900 million from the year before. Kaplan cited the Minnesota Vikings' U.S. Bank Stadium, which opened in July 2016, and a new television deal for Thursday Night Football as the biggest factors behind the additional revenue.

The NFL's revenues should only continue climbing, too. The Atlanta Falcons' new home, Mercedes-Benz Stadium, opened last August, and the NFL agreed in January to a five-year TV deal with Fox for Thursday Night Football that will be worth over $3 billion total.

With the salary cap officially set, teams will have a hard number regarding how much they can spend on contract extensions and free-agent deals.

Beginning March 12, teams can enter into contract negotiations with unrestricted free agents, and free agency will officially start March 14.