NBA sets 2006-07 salary cap at $53.135 million

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From Yahoo Sports
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NBA sets 2006-07 salary cap at $53.135 million
July 11, 2006

NEW YORK (AP) -- The NBA set its 2006-07 salary cap at $53.135 million on Tuesday, one day before teams were allowed to sign free agents and make trades.

Also determined Tuesday were the mid-level exception and the tax level. The mid-level exception will be $5.215 million and the tax level is $65.42 million. Any team that exceeds that figure will pay a $1 luxury tax for every dollar it is over.

Teams were allowed to begin negotiating with free agents on July 1, but deals couldn't be signed until 12:01 a.m. Wednesday. Ben Wallace (Chicago) and Peja Stojakovic (New Orleans) are among the players who have already agreed to change teams, and Mike James agreed Tuesday to take the mid-level exception with Minnesota.

Updated on Tuesday, Jul 11, 2006 9:18 pm EDT