NBA sets salary cap at $70 million

The NBA salary cap will be $70 million for the 2015-16 season, the league announced Wednesday night. The new salary cap is an all-time high and represents an 11 percent increase.

The luxury tax level was set at $84.74 million, a 10.3 percent increase. The minimum team salary was set at $63 million, 90 percent of the cap.

The league also announced the figures for the three mid-level exceptions. The non-taxpayer mid-level is $5.464 million, the taxpayer mid-level is $3.376 million and the mid-level for a team with room under the cap is $2.814 million.

The new salary cap will go into effect after midnight on July 9, the end of the league’s moratorium period when teams can sign free agents and make trades.

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