Salary cap remains at $58 million

Updated: July 10, 2012, 9:54 PM ET
Associated Press

NEW YORK -- The NBA has set the 2012-13 salary cap at $58.044 million, same as this season, and teams could begin signing players at 12:01 am EDT Wednesday.

Free agency opened on July 1 and a number of deals have been agreed to, but nothing could become official until the moratorium period ended.

The luxury tax level is also unchanged from last season, remaining at $70.307 million. Any team exceeding that will pay a $1 tax for every $1 by which it is over. The tax will become more ...

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