The National Basketball Association today announced that the Salary Cap for the 2009-10 season will be $57.7 million. The tax level for the 2009-10 season has been set at $69.92 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $69.92 million.The official salary cap is four hundred thousand dollars higher than was estimated. The tax level is five hundred thousand dollars higher, or, one-half of a Mario West qualifying offer.
The 2008-09 Salary Cap was $58.68 million and the tax level was $71.15 million. Although league-wide revenue increased 2.5% this past season, the decrease in the Salary Cap and tax level for the 2009-10 season is the result of the formula used to set the Cap and tax under the terms of the collective bargaining agreement.
The new Salary Cap and tax level go into effect at 12:01 a.m. ET on Wednesday, July 8, when the league's "moratorium period" ends and teams can begin signing free agents and making trades.
The mid-level exception is $5.854 million for the 2009-10 season and the minimum team salary, which is set at 75% of the Salary Cap, is $43.275 million.
The Hawks will have officially committed $48.8 million in salary to seven players once Bibby signs. That does not include qualifying offers* to West, Solomon Jones ($1 million each) and Marvin Williams ($7.355 million) or Jeff Teague's rookie deal ($1.145 million) which would put the team over the salary cap with 11 players on the roster.
*If anybody can point me to an official announcement regarding any of these qualifying offers, I'd appreciate it. The only thing I have is a Kitsap Sun article quoting Marvin Williams, Sr.