The NBA just announced that the salary cap for the 2010-11 season will be $58.044 million, which is nearly $2 million more than the projected figure of $56.1 million the league estimated about a month ago.
That's good news for the Bulls and every other team with cap room this summer. Basically, teams will have about $2 million more to spend than they thought.
The luxury-tax threshold will be $70.307 million. A team would have to pay $1 in tax for every dollar its payroll exceeds that figure.
Both the salary cap and tax threshold were expected to go down, but the league's revenues were better than projected. The cap for the 2009-10 season was $57.70 million and the tax level was $69.92 million.
The mid-level exception is $5.765 million.