NEW YORK (CBSMiami/AP) – It’s becoming more and more lucrative to be an NBA player.
The NBA salary cap was set Wednesday for next season at $70 million, a higher-than-expected number that paves the way for free agent contracts to be signed.
The league said the cap increased by 11 percent from last season’s $63.1 million and the 2015-16 cap will be the highest ever – though it will be shattered next summer. It had been projected to come in closer to $67 million until recently.
With the cap set, the league’s moratorium will be lifted at midnight, and deals and trades that were agreed to since free agency opened on July 1 can become official beginning Thursday at 12:01 a.m. EDT.
Also, the tax level increased 10.3 percent to $84.7 million. Teams whose payrolls exceed it will be subjected to penalties.
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