<div class="quote_poster">Quote:</div><div class="quote_post">The National Basketball Association today announced that the Salary Cap for the 2006-07 season will be $53.135 million. The new Cap goes into effect at 12:01 a.m. ET on Wednesday, July 12, when the league?s ?moratorium period? ends and teams can begin signing free agents and making trades. For the 2005-06 season, the tax level was set at $61.70 million. The tax level for the 2006-07 season has been set at $65.42 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $65.42 million. The mid-level exception is $5.215 million for the 2006-07 season and the minimum team salary, which is set at 75% of the Salary Cap, is $39.85 million</div> Source
Good. So this means the 12th is officially the day players can sign or be traded, correct? No delays?
<div class="quote_poster">Quoting Rocket:</div><div class="quote_post">Good. So this means the 12th is officially the day players can sign or be traded, correct? No delays?</div> Yes, signings or sign and trades can be made official a 12:01 AM. Trades that didn't involve players being signed, however, could have been completed since the end of the season.
<div class="quote_poster">Quoting Justbringit2422:</div><div class="quote_post">Wow, so i'm guessing the knicks will be paying like 50 million in luxury taxes.</div> LOL actually i think its even more than 50 milllion, more like 60 million, not 100% sure though.
