An agreement has now been finalized on the 2020-21 NBA season.
The NBA and the player’s union have come to an agreement on a new collective bargaining agreement, that’s according to ESPN.
Per the report, free agency will now begin on Nov. 20 with teams allowing to sign free agents starting at 12:01 PM on Nov. 22.
As for the finances, the 2020-21 season will have the same salary cap ($109.1 million) and luxury tax ($132.7 million) as last season. The cap and tax is guaranteed to increase by a minimum of three percent and a maximum of 10 percent through the remainder of the new CBA, sources told ESPN’s Tim Bontemps.
Last week, the league and players tentatively voted to tip-off the season starting on Dec. 22 with a 72-game schedule.
And now after the two have agreed on a new CBA, the current moratorium of the transaction window of trades as well as contract opt-ins and outs will most likely end a few days prior to the NBA draft on Nov. 18, per ESPN's Adrian Wojnarowski.
The league and players also agreed on a compromise on spreading out the financial loss due the pandemic across multiple seasons rather than just affecting this upcoming year. As ESPN is reporting, the escrow withholding of 10 percent will remain in place and if there is a need to reduce player salaries by more than that 10 percent that loss will be spread out over three seasons. Plus, per the reported agreement, players will never have more than 20 percent of their salary withheld in a single season.