July 10, 2007
NEW YORK (AP) -- The NBA set next season's salary cap at $55.63 million Tuesday, paving the way for teams to begin signing free agents.
The new cap goes into effect Wednesday, when the league's moratorium period ends and trades can be made. Teams have been allowed to negotiate with free agents since July 1, but the deals couldn't be completed until the new cap was determined.
The salary cap will rise about $2.5 million from last season's $53.135 million figure.
Also, the mid-level exception is rising from $5.2 million to $5.36 million, and the tax level is $67.87 million, up from $65.42 million. Teams will have to pay a $1 tax for every $1 they exceed that figure by.
The minimum team salary is $41.72 million, 75 percent of the salary cap.
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