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NBA salary cap set at $58.7 million

Updated: July 9, 2013, 11:23 PM ET
Associated Press

NEW YORK -- The NBA has set next season's salary cap at $58.7 million, paving the way for contracts to be signed starting Wednesday.

The tax level is $71.7 million, with harsher penalties starting this season for teams that exceed it. Teams formerly paid $1 for every $1 they were over, but the penalties now start at $1.50 for teams up to $4.9 million over, with increases from there.

Contracts such as the one Dwight Howard agreed to with Houston couldn't be signed during the league's ...

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