NEW YORK, July 11 (UPI) -- The NBA said its team salary cap for the 2007-08 season will total $55.63 million, an increase of about 4.7 percent from last season.
The new cap level took effect Wednesday, which marks the opening of a new NBA trading period. Also, while free agent negotiations have been allowed since July 1, no signings could be announced until Wednesday.
NBA teams also face a minimum salary of $41.7 million.
The so-called mid-level exception -- allowing for signing a player to the NBA salary average even if the team has reached the salary cap total -- was raised to $5.36 million for next season.
Teams that reach the luxury tax level, which will be $67.87 million in 2007-08, will have to pay a $1 to the league for each dollar over the cap.
