NBA Salary Cap is set: $58.044 million

The following has been released by the NBA . . .

NBA SALARY CAP FOR 2010-11 SEASON SET AT $58.044 MILLION

NEW  YORK,  July  7,  2010  –  The  National  Basketball  Association today
announced  that  the  Salary  Cap  for  the  2010-11 season will be $58.044
million.  The  tax  level  for  the  2010-11 season has been set at $70.307
million.   Any team whose team salary exceeds that figure will pay a $1 tax
for each $1 by which it exceeds $70.307 million.

The  2009-10  Salary  Cap  was  $57.70 million and the tax level was $69.92
million.

The  new  Salary  Cap  and  tax  level  go  into effect at 12:01 a.m. ET on
Thursday,  July 8, when the league’s “moratorium period” ends and teams can
begin signing free agents and making trades.

The  mid-level  exception  is $5.765 million for the 2010-11 season and the
minimum  team  salary,  which  is  set at 75% of the Salary Cap, is $43.533
million.

* * *

By my rough calculations, the Knicks, with Bill Walker ($916,100) locked in (could have waived him today to clear) and Amar'e Stoudemire ($17,197,241) on board, have $18,919,466 left to spend. LeBron James' max is $16,568,907. If he is locked in, that still leaves $2,350,000 to sign another player. Not a lot, but still better than the veterans minimum.

Check my math, all you Larry Coon disciples out there. I'm tossing this together on the fly as I work on everything else!