The NBA announced Tuesday that the salary cap for the 2013-14 season will be $58.679 million, up from $58 million last season.
The luxury tax level has been set at $71.748 million. The tax last season was $70.307 million.
The Los Angeles Lakers ($29.3 million), Miami Heat ($13.3 million), Brooklyn Nets ($12.9 million), the New York Knicks ($10 million), Chicago Bulls ($3.9 million), and Boston Celtics ($1.2 million) all paid the luxury tax last season.
The 2013-14 non-taxpayer mid-level exception will be $5.2 million, the taxpayer mid-level exception will be $3.2 million and the mid-level for a team with room under the cap will be $2.7 million. Those new figures go into effect at 12:01 a.m. ET Wednesday, which is also the time teams can officially sign new players. Some teams will be hard-pressed to get under that hard salary cap number. For example, the Knicks will pay stars Carmelo Anthony, Amar'e Stoudamire and Tyson Chandler a combined $57.17 million next season.