The Fermilab accelerator complex delivers intense high-energy proton beams to a variety of fixed-target scientific programs, including a flagship long-baseline neutrino program. With the advent of the Deep Underground Neutrino Experiment (DUNE) and Long Baseline Neutrino Facility (LBNF) program there is strong motivation for a 2.4 MW beam power upgrade of the Fermilab proton facility. We show the Fermilab proton facility can achieve 2.4~MW with a new rapid-cycling synchrotron (RCS) to replace the Fermilab Booster and we provide a comprehensive technical analysis of the RCS-based facility design. Past design efforts and operational experience at the Fermilab Booster, J-PARC RCS, and Oak Ridge SNS are leveraged to provide strong empirical precedent for the design. We provide a parametric study of slip-stacking accumulation, RCS extraction energy, space-charge limits, beampipe aperture, eddy current heating, injection foil heating, and lattice optics. The 2.4 MW benchmark for the long baseline neutrino program is achieved independently of a previously proposed multi-GeV linac program, but we assess the impact the linac upgrade would have on RCS performance.