NBA increasing salary cap for 2022-2023 season

A general view inside The Field House before Game 5 of an NBA basketball first-round playoff series, between the Oklahoma City Thunder and Houston Rockets, Wednesday, Aug. 26, 2020, in Lake Buena Vista, Fla. (Kim Klement/Pool Photo via AP)

The NBA is increasing the salary cap from $112.4 million to $123.655 million ahead of the 2022-2023 season, the league announced in a press release Thursday. The tax level has also increased from $136.6 million to $150.267 million.

The NBA's soft-cap, which limits how much a team is permitted to spend on players, was established in the mid-1980s to even the playing field and foster adequate competition for all teams in the league. With the new changes to the cap, the minimum team salary is now $111.290 million.

The salary cap change goes into effect at 12:01 a.m ET on July 1.

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