NBA announces $63.065 million salary cap for 2014-15 season

Pool Photo-USA TODAY Sports

The NBA salary cap is again on the rise and team will have a record amount to work with next season.

NBA teams are busying trying to create and spend their salary cap space in free agency and now they know exactly how much they are working with. The league announced the salary cap for the 2014-15 season will be $63.065 million, a sizable increase from the $58.679 million cap last year.

While the 7.5 percent increase is significant, and will give teams more room to work with as they pursue LeBron James, Carmelo Anthony and other top free agents, the $63.065 million figure is actually slightly less than initial projections. In April, Marc Stein of ESPN reported teams were informed that the projected salary cap next season was $63.2 million. That slight difference isn't likely to have much of an impact in the grand scheme of things, but could cost teams a little more when it comes to the luxury tax. The $63.065 million cap still represents a record-high figure.

In addition to the rise in salary cap, the luxury tax level has also increased. It will rise 7.1 percent next season, jumping to $76.829 million. Teams must spend 90 percent of their salary cap, making the salary cap floor $56.759 million. The NBA also set the three mid-level exception values. The non-taxpayer mid-level next season will be $5.305 million while the taxpayer mid-level comes in at $3.278 million. The mid-level for teams with salary cap space is $2.732 million.

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