NBA Salary Cap for 2006-07 Season Set at $53.135 Million

NBA.com: NBA Salary Cap for 2006-07 Season Set at $53.135 Million

Salary cap is $53.135 million for next year. Magic are right at the cap now while still looking to sign Ariza and Stevenson. The more important number is the luxury tax level for next year set at $65.42 million. Nearly every team in the league is committed to remain below the tax level.

Miami is already at $62.97 without re-signing Mourning or Payton. They are likely to move one or two players to make room for Mourning. They would probably give away Derek Anderson (SG) or Mike Doleac for free if they could.

By being over the cap the Magic have the mid-level exception to play with which is set at $5.215 million.

New York, July 11– The National Basketball Association today announced that the Salary Cap for the 2006-07 season will be $53.135 million. The new Cap goes into effect at 12:01 a.m. ET on Wednesday, July 12, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades.

For the 2005-06 season, the tax level was set at $61.70 million. The tax level for the 2006-07 season has been set at $65.42 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $65.42 million.

The mid-level exception is $5.215 million for the 2006-07 season and the minimum team salary, which is set at 75% of the Salary Cap, is $39.85 million.