Forbes’ annual list of NFL franchise valuations was released on Thursday, and Bucs quarterback Tom Brady was not happy with what he saw. The seven-time Super Bowl Champion took to Instagram to voice his displeasure in the NFL Players Association, believing they succumbed too easily to the league’s lowered salary cap. Based on the increase in value across NFL franchises, it appears Brady has a point.

In a year where the owners claimed there would be financial losses due to COVID, it appears the opposite happened. After getting players to reduce the salary cap by nearly 20 percent in March for the 2021 season, the league announced new media deals soon after. Those deals are set to pay out over $110 billion over the next 11 years.

Despite the pandemic, league owners saw an average 14 percent value increase, the largest gain in five years. NFL owners absorbed a small hit due to limited ticket and concession sales in 2020, but the losses were always going to be short-lived. The NFL remains more successful than ever before, and owners clearly could have handled a larger salary cap. Brady’s frustration with the NFLPA for not properly educating players on the league’s tactics appears to be a justifiable complaint.

The NFL set the 2021 salary cap at $182.5 million in March. In 2020, the salary cap had risen to $198.2 million, up $10 million from the 2019 season. In early June, it was announced that the salary cap ceiling for the 2022 league year would be $208.2 million. The final cap number could come in below that, but it is expected to be around $208 million.