New York - The NBA has set the salary cap for the 2010-11 season at $58.044 million.
This year's cap marks a surprising increase from 2009-10, when it was $57.7 million. The current figure is higher than the $56.1 million projected in April by commissioner David Stern.
With the salary cap in place, teams can start to officially sign players and make trades at 12:01 a.m. (et) on Thursday, July 8. The tax level for teams is $70.307 million.
In addition, the mid-level exception for next season is set at $5.765 million, while the minimum team salary, which is 75 percent of the cap, is set at $43.533 million.
Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $70.307 million.
Some teams have already verbally agreed to deals with the New York Knicks set to get Amare Stoudemire, the Heat coming to terms with Dwyane Wade and Chris Bosh, and the Chicago Bulls reportedly landing Carlos boozer.
The biggest name in free agency, LeBron James, is set to announce his decision Thursday night.