NBA sets salary cap for next season at $58.68 million

Updated: July 9, 2008, 2:10 AM ET
By Chris Sheridan | ESPN.com

Knowing what they can spend, teams can now begin dealing in earnest.

The NBA announced on Tuesday that the salary cap for the 2008-09 season will be $58.68 million.

The figure was arrived at after daylong consultations between lawyers for the NBA and the players' union.

The luxury tax threshold will be $71.15 million, and the value of the mid-level exception will be $5.585 million. Over-the-cap teams can only offer the mid-level exception to free agents.

For comparison ...

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