NBA sets 2016-17 salary cap just above $94M

Once the NBA's moratorium is lifted at 12:01 a.m. ET on July 7, teams will be operating under an official salary cap of $94.143 million for the 2016-17 season, the league announced Saturday.

Originally believed to be set at $92 million, reports of the cap actually rising further to $94 million first emerged last month.

The floor for teams to spend, set at 90 percent of the cap, will come in at $84.729 million. In addition, the non-taxpayer mid-level exception will be $5.628 million, the taxpayer mid-level will be $3.477 million, and the mid-level for teams with cap space is $2.898 million.

The luxury-tax threshold will be set at $113.287 million, according to CBA expert Larry Coon.

2016-17 will represent the first of two consecutive massive upticks in the NBA's cap, as the influx of league revenue generated by a lucrative new television contract could see the 2017-18 cap come in around $107 million.

Free agents and teams agreed to a record-setting $1.7 billion worth of contracts on the first day of free agency Friday, though no contracts can be officially signed until the moratorium is lifted.

Last season's salary cap was $70 million.