According to a report from ESPN Insider Adam Schefter, the NFL is set to raise the league's salary cap to "about" $130 million. This figure is a 5% raise from last season's salary cap, which was $123 million. This bump is larger than expected. Previous indications had the cap raising to $126 million.
Schefter reports salary cap will be 130M (126.3M previously reported)...in that case I estimate approximately 24.2M in cap room for Eagles— Bryce Johnston (@eaglessalarycap) February 20, 2014
What this means for the Eagles is that their cap space goes up from ~$20 million to ~$24 million. That extra money could make the difference when it comes to keeping one of their own players (Jeremy Maclin and/or Riley Cooper?) or being able to offer more money to potential free agents. The Eagles will enter the offseason with the 10th most cap space in the NFL.
It will be interesting to see what effect this increase has around the league. It's possible the raise allows more teams to keep their own pending free agents, as I alluded to with the Eagles above. That could mean a smaller free agent market. It also means teams that are over the cap, such as the Dallas Cowboys, will have an easier time getting under the cap by the time the new league year starts. Dallas went from being $24 million in the hole to a mere $20 million over the cap.