LOL @ whoever said the cap would rise to around $73mil in 2010. I forget who said that but man was that hilarious.

NBA Sets 07-08 Salary Cap At $55.630 million
July 10, 2007 - 9:57 pm
Press Release -
NBA SALARY CAP FOR 2007-08 SEASON SET AT $55.630 MILLION

NEW YORK, July 10, 2007 – The National Basketball Association today announced that the Salary Cap for the 2007-08 season will be $55.630 million. The new Cap goes into effect at 12:01 a.m. ET on Wednesday, July 11, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades.

The tax level for the 2007-08 season has been set at $67.865 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $67.865 million.

The mid-level exception is $5.356 million for the 2007-08 season and the minimum team salary, which is set at 75% of the Salary Cap, is $41.723 million.

For the 2006-07 season, the Salary Cap was set at $53.135 million, the tax level was $65.42 million and the mid-level exception was $5.215 million.

RealGM Note: In addition to the above, the maximum player salaries for first year salaries in new contracts (those signed after July 10, 2007) as well as the first year salaries of maximum extensions (signed prior to the 06-07 season) will be the greater of 105% of the player's previous salary or the following:

$13,041,250 for players with 0-6 Years of Service

$15,649,500 for players with 7-9 Years of Service

$18,257,750 for players with 10 or more Years of Service

Those handing out full MLE deals look worse and worse as each yr goes by.

Yee-Haw! Reports are in FANS have just been out in droves purchasing tickets next season to see these cap figures play. Yessirree Bob.

$73 million? You sleeping with that Straw Man again Blue?

$2.5 million is a pretty moderate increase considering the cap was raised 3.6 last year and 5.6 the year before that. My guess based on looking at recent increases is we are looking at a $12 million increase over four years from last year's (06-07) number of $53.1 million. That puts us at around $65 million in 2009-10.

As it stands right now, assuming Eddy picks up his option for $10.5 million (and who knows, that may not be enough) our salary number that year is $58 million. This before signing our rooks, of course, and extending David Lee's contract.

Still, not hard to see us having the option of salary cap flexibility a few years down the road. But these are the Knicks, owned by James Dolan, and playing for New Yorkers. So not likely we pursue that option.

The idiots who said the cap is going to $73mil in 2010 should man up.

when does this cba expire? isn't it in 2010? i thought that's why lebron, wade, melo and bosh only took 3-4 year extensions since they anticipate a bigger payday with the new cba.

Posted by Solace:

$7 million (or less) under the cap isn't really cap flexibility if you want to sign a star

Uh huh. But all we can hope for is salary cap sanity, not the kind of flexibility you are talking about.

The Knicks aren't going to shed salaries and rebuild via the draft and free-agency. Its not how we worked under Grunfeld and Checketts, its not how we worked under Layden, we aren't going to do it under Isiah, and we aren't going to do it under whoever replaces him.

This is New York, New York, not Portland, Oregon.