NEW YORK (AP)—The NBA set its salary cap for the 2008-09 season at $58,680,000, clearing the way for teams to sign free agents and make trades Wednesday.
The tax level was set at $71.150 million and the mid-level exception was $5.585 million. Any team with a payroll exceeding the tax level will pay a dollar for each dollar it’s over the amount.
The minimum team salary for 2008-09 was 75 percent of the cap, or $44.010 million.
This season’s cap went up by more than $3 million over last season’s, which was set at $55.630 million. Last season’s tax level was $67.865 million and the mid-level exception was $5.356 million.
