According to the Associated Press, the NBA Salary Cap has been set at $58.68 million, about $1 million less than last year’s Cap. The NBA Luxury Tax also dropped, by about $2 million, to $69.92 million. The midlevel exception has been set at $5.85 million. The new Cap and Tax went into effect at 12:01 a.m. today, allowing the real free agency period to begin. Will the real Jeff Bower please stand up?
As of today, the Hornets are committed to 11 players, for $77,575,998. Yikes. Expect them to sign three more, and if both draftees, they come cheap, and whoever else (Marks?), cheap too. But that’s still a $1 tax per dollar over the limit, which means Georgie is paying $8 mil out of pocket, plus loses out on certain revenue sharing. As of today.
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