NBA salary cap set at $58.7 million
Updated: 2013-07-11 07:32
The NBA has set next season's salary cap at $58.7 million, paving the way for contracts to be signed starting Wednesday.
The tax level is $71.7 million, with harsher penalties starting this season for teams that exceed it.
Teams formerly paid $1 for every $1 they were over, but the penalties now start at $1.50 per dollar for teams up to $4.9 million over, with increases from there.
Contracts such as the one Dwight Howard agreed to with the Houston Rockets couldn't be signed during the league's moratorium period while the cap was calculated.
The cap is a slight increase from last season's $58 million.
The mid-level exception for non-taxpayers is $5.15 million. It's $3.2 million for teams over the tax, and there's a mid-level worth $2.7 million for teams with room under the salary cap.
Meanwhile, the Rockets spoke too much and too soon about Howard going to Houston.
An NBA spokesman confirmed the team and its personnel were fined $150,000 by the league for comments made about the All-Star center during the moratorium period.
Howard committed to leave the Los Angeles Lakers and join the Rockets on Friday, and Rockets GM Daryl Morey gave an interview later that night with Comcast SportsNet Houston in which he talked about the deal.
Coach Kevin McHale also discussed Howard over the weekend at the Orlando Summer League.
Though free agency opened July 1, deals can't become official until Wednesday, after the 2013-14 salary cap is set.
ESPN.com first reported the fine.
(China Daily 07/11/2013 page22)