NBA sets salary cap at 58.044 million

In another example of the NBA not being in as dire of a financial situation as they have reported, the league set its salary cap for the 2010-11 season at $58.044 million, a slight increase from last season, which was $57.7 million.

Many NBA agents and players expected the salary cap to decrease because of the declining economy, but that wasn’t the case. The luxury tax has been set at $70.3 million, meaning any club with salaries above that amount has to pay the league $1 for every dollar they exceed that number.

The Celtics were more than $13 million above the luxury tax next season but that number could decrease depending on how president Danny Ainge maneuvers the salary cap this summer.

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