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NBA sets official salary cap, luxury tax numbers for 2016-17 season

NBA All-Star Game 2016

TORONTO, ON - FEBRUARY 14: NBA commissioner Adam Silver looks on during the NBA All-Star Game 2016 at the Air Canada Centre on February 14, 2016 in Toronto, Ontario. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Elsa/Getty Images)

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We now have official numbers behind the exploding salary cap that’s already seen some head-turning deals. On Saturday afternoon, the NBA released the official salary cap, luxury tax and salary floor figures for the 2016-17 season, and they’re right in line with the most recent projections.

The salary cap for next season, according to the league, will be $94.143 million, while the luxury tax threshold will be $113.287 million. The salary floor is 90 percent of the cap, and that figure for the upcoming season will be $84.729 million. It’s a jump of over $24 million over last year’s cap, which was $70 million.

Additionally, Ken Berger of reports that salaries for last season fell $131 million short of the players’ negotiated share of revenue, which means the players’ union is due to get a big check from the league.

The new cap figures go into effect on July 7, at which time teams and players can begin officially signing contracts.