NBA sets 2014-15 salary cap, luxury tax figures

The NBA announced Wednesday that the 2014-15 salary cap will be $63.1 million, the luxury tax line will be $76.8 million and the salary cap floor will be $56.8

The NBA announced Wednesday that the 2014-15 salary cap will be $63.1 million, the luxury tax line will be $76.8 million and the salary cap floor will be $56.8 million.

Those numbers are up meaningfully from the 2013-14 figures. Last season, the salary cap was set at $58.7 million and the luxury tax line was $71.7 million.

Additionally, the 2014-15 non-taxpayer mid-level exception will be $5.3 million, the taxpayer mid-level exception will be $3.3 million and the mid-level for a team with room under the cap will be $2.7 million. Those figures are up slightly from last season, which saw a $5.2 million non-taxpayer mid-level exception, a $3.2 million taxpayer mid-level exception and a $2.7 million room mid-level exception.

The new figures will go into effect at 12:01 a.m. ET Thursday once the NBA's free agency moratorium is officially lifted. Teams have been able to talk to and negotiate contracts with players since July 1 but will not be able to officially consummate those deals until Thursday.

The new salary cap line for the first full season under new commissioner Adam Silver will represent an all-time high for the NBA.