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Posted: Tuesday July 10, 2012 9:51PM ; Updated: Tuesday July 10, 2012 9:51PM

NBA salary cap remains at $58 million

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NEW YORK (AP) -- 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 punitive starting in the 2013-14 season.

The midlevel exception for teams under the tax is $5 million, and the taxpayer midlevel is $3.09 million. The new "mini" midlevel for teams with room under the salary cap is $2.575 million.

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 
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