NEW YORK – The National Basketball Association announced Wednesday that the salary cap for the 2014-15 season increased by 7.5 percent to an all-time high of $63.065 million.
In addition, the tax level increased by 7.1 percent to $76.829.
As of 12:01 a.m. Thursday, at the end of the leagues' "moratorium period," when teams can begin signing free agents, the salary cap and tax level will go into effect.
The minimum team salary is set at $56.759 million, which is 90 percent of the salary cap.
The Collective Bargaining Agreement provides for three exceptions depending on the salary level of the team:
- The non-taxpayer mid-level: $5.305 million
- The taxpayer mid-level: $3.278 million
- The mid-level for a team with room under the salary cap: $2.732 million