Excellent news, we have a higher cap figure. That will benefit both teams who have cap room + teams who are fighting against the luxury tax threshold.
NBA teams found out Wednesday that the salary cap for next season will be nearly $2 million higher than anticipated, providing additional unforeseen cap space to several teams.
The NBA announced a cap of $58 million for the 2010-11 season, when most teams had budgeted a cap of $56.1 million.
The exact salary cap figure, according to league sources, is $58,044,000, up from $57.7 million in the 2009-10 season.
The luxury-tax line for the coming season will be $70,307,000, up from $69.9 million.
The midlevel exception for next season is $5.765 million.
My early tomorrow I hope to have one post up with new cap figures for each team below the cap accounting for both this increase + their signings to date. Give us a clear indication of how much flexibility they have remaining.
Update: RealGM notes the minimum salary cap also in their staff report
the minimum team salary, which is set at 75% of the Salary Cap, is $43.533 million.