Salary cap set at $58.044 million

Here are the details from the NBA’s press release: “The National Basketball Association today announced that the Salary Cap for the 2010-11 season will be $58.044 million.The tax level for the 2010-11 season has been set at $70.307 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $70.307 million.

“The 2009-10 Salary Cap was $57.70 million and the tax level was $69.92 million. …

“The new Salary Cap and tax level go into effect at 9:01 p.m. tonight. …

“The mid-level exception is $5.765 million for the 2010-11 season.”

FYI: The Lakers’ payroll was $91.4 milion last season, highest in the league.

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