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Salary cap set at $58.680 million, moratorium period ends Wednesday

Tue 8th, July 2008

New York, NY (Sports Network) - The NBA announced Tuesday that the salary cap for the upcoming season will be set at $58.680 million.

The cap, which will rise about $3.0 million from last season's $55.630 million, takes effect Wednesday, when the NBA's moratorium period ends and trades can resume. Negotiations with free agents have been allowed since July 1, however the deals could not be finalized until the new cap was determined.

The mid-level exception is also rising, from $5.356 million to $5.585 million, and the tax level is up from $67.865 million to $71.150 million. Teams must pay a $1 tax for every $1 by which they exceed that figure.

The minimum team salary is set at $44.010 million, 75 percent of the salary cap.

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