Report: NBA Cap Expected to Jump $10.4m Next Year, Higher than Previously Expected

The Toronto Raptors will certainly be helped by the $1 million increase to the salary cap and luxury tax threshold in 2023-24

Aaron Rose | Sep 9, 2022

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The NBA salary is expected to take a significant jump in 2023-24, creating a little more wiggle room for teams like the Toronto Raptors.

The salary cap, currently set at $123.7 million for 2022-23, is reportedly projected to jump to $134 million with a luxury tax threshold of $162 million in 2023-24, according to The Athletic's Shams Charania. The expected jump of $10.4 million is approximately $1 million more than previous projections.

The NBA has informed teams that the 2023-24 salary cap is currently projected to be $134 million ($10.4M higher than this season), with $162M tax level, per sources. Both are $1M higher than previous projections.
— Shams Charania (@ShamsCharania) September 9, 2022

For the Raptors, the luxury tax space is certainly welccomed news considering Fred VanVleet and Gary Trent Jr. are both expected to become free agents following this season. Both players have player options for 2023-24 that they're expected to opt out of should they reach free agency.

Toronto will also need to extend Pascal Siakam whose contract is set to expire following the 2023-24 season. He'll be eligible for an extension in October, though it's likely he'll wait out the year before he and the organization dive deep into extension talks.

Similarly, OG Anunoby has a player option for 2024-25 and could see his contract re-worked ahead of the 2023-24 season should he take a step forward in a bigger role this upcoming year.

Toronto is projected to be an above-the-cap team in 2023-24, meaning the organization likely won't have cap space to make a big signing. The extra space, however, creates more room to maneuver under the luxury tax should that become an issue.

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