Tuesday July 7 2009 – 10:55pm Eastern (Toronto, ON)
The NBA just sent out a release in the last 30 minutes informing teams that the Salary Cap for this season will come in at $57.7 million.
The tax level for the 2009-10 season has been established as well: $69.92 million.
By comparison, the 2008-2009 Salary Cap was $58.68 million and the tax level was $71.15 million.
The NBA said that “although the league-wide revenue increased by 2.5% this past season, the decrease in the Salary Cap and tax level for the 2009-10 season is the result of the formula used to set the Cap and tax under the terms of the collective bargaining agreement.”
The new Cap and tax figures will go into effect in just over an hour – at 12:01am Eastern on July 8.
In addition to this news, the league has announced the figure(s) for the mid-level exception this season. The 2009-10 total for the mid-level will be $5.854 million.
Also, the MINIMUM team salary – which is 75% of the Salary Cap – will be $43.275 million.