JPB
07-11-2007, 06:15 AM
NBA Sets 07-08 Salary Cap At $55.63 Million
July 10, 2007 - 9:57 pm
Press Release -
The National Basketball Association today announced that the Salary Cap for the 2007-08 season will be $55.63 million. The new Cap goes into effect at 12:01 a.m. ET on Wednesday, July 11, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades.
The tax level for the 2007-08 season has been set at $67.865 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $67.865 million.
The mid-level exception is $5.356 million for the 2007-08 season and the minimum team salary, which is set at 75% of the Salary Cap, is $41.723 million.
For the 2006-07 season, the Salary Cap was set at $53.135 million, the tax level was $65.42 million and the mid-level exception was $5.215 million.
RealGM Note: In addition to the above, the maximum player salaries for first year salaries in new contracts (those signed after July 10, 2007) as well as the first year salaries of maximum extensions (signed prior to the 06-07 season) will be the greater of 105% of the player's previous salary or the following:
$13,041,250 for players with 0-6 Years of Service
$15,649,500 for players with 7-9 Years of Service
$18,257,750 for players with 10 or more Years of Service
July 10, 2007 - 9:57 pm
Press Release -
The National Basketball Association today announced that the Salary Cap for the 2007-08 season will be $55.63 million. The new Cap goes into effect at 12:01 a.m. ET on Wednesday, July 11, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades.
The tax level for the 2007-08 season has been set at $67.865 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $67.865 million.
The mid-level exception is $5.356 million for the 2007-08 season and the minimum team salary, which is set at 75% of the Salary Cap, is $41.723 million.
For the 2006-07 season, the Salary Cap was set at $53.135 million, the tax level was $65.42 million and the mid-level exception was $5.215 million.
RealGM Note: In addition to the above, the maximum player salaries for first year salaries in new contracts (those signed after July 10, 2007) as well as the first year salaries of maximum extensions (signed prior to the 06-07 season) will be the greater of 105% of the player's previous salary or the following:
$13,041,250 for players with 0-6 Years of Service
$15,649,500 for players with 7-9 Years of Service
$18,257,750 for players with 10 or more Years of Service