NBA Salary Cap Set At $57.7 Million for 2009-10

From the NBA:

NEW YORK, July 7, 2009 -­ The National Basketball Association today
announced that the Salary Cap for the 2009-10 season will be $57.7 million.
The tax level for the 2009-10 season has been set at $69.92 million. Any
team whose team salary exceeds that figure will pay a $1 tax for each $1 by
which it exceeds $69.92 million.

The 2008-09 Salary Cap was $58.68 million and the tax level was $71.15
million. Although league-wide revenue increased 2.5% this past season, the
decrease in the Salary Cap and tax level for the 2009-10 season is the
result of the formula used to set the Cap and tax under the terms of the
collective bargaining agreement.

The new Salary Cap and tax level go into effect at 12:01 a.m. ET on
Wednesday, July 8, when the league¹s ³moratorium period² ends and teams can
begin signing free agents and making trades.

The mid-level exception is $5.854 million for the 2009-10 season and the
minimum team salary, which is set at 75% of the Salary Cap, is $43.275