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The NBA announced its new salary cap ($70 million) and luxury tax threshold ($84.74 million) for the upcoming season, both of which were higher than last season and considerably higher than projected. It's good news for the Nets who would like to get at the threshold to close enough.
Tim Bontemps tweets that the Nets could save a ton of money as a result.
Higher salary cap and luxury tax, per @WojYahooNBA, would be a huge benefit to Nets. Could save them millions of dollars.
— Tim Bontemps (@TimBontemps) July 9, 2015
The new salary cap numbers reported by @WojYahooNBA already have the Nets saving over $11 million compared to initial cap/tax projections.
— Tim Bontemps (@TimBontemps) July 9, 2015
But, as Mike Mazzeo reports, it's a complicated calculation and "there is still work to be done..."
Nets general manager Billy King has said that the team would like to avoid paying the tax. While it's going to be difficult, it certainly becomes a little bit more feasible now....
The possibility of trading Joe Johnson and Deron Williams still very much exists as a way to save money and create future financial flexibility. And the Nets have too many point guards, lack perimeter shooting and could use more depth up front. But they currently only have part of the taxpayer mini mid-level exception and the veteran's minimum with which to bring in players.
As of now, the Nets have 12 guaranteed contracts paying out $95.3 million, counting the rookie deals, but not the four partially guaranteed minimum deals -- Markel Brown, Cory Jefferson, Ryan Boatright and Earl Clark -- or Mirza Teletovic and his $4.2 million qualifying offer.
Mazzeo also notes that Brook Lopez will get an $800,000 raise since max contracts are based on the salary cap. Lopez's deal should now be for three years and about $63.7 million based on the cap increase.His first year salary? $19.7 million.
Meanwhile, Larry Coon tweeted that the Nets will have to pay out $19.98 million in luxury tax for this past season. That brings Mikhail Prokhorov's three-year total in Brooklyn to $123.43 million. Needless to say that's a record.
- How new cap numbers affect Brooklyn Nets - Mike Mazzeo - ESPN New York