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
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
* * *
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!