Get Ready for the Luxury Tax

Yahoo! has the necessary details on the NBA salary cap, mid-level exception and luxury tax:

The NBA salary cap for the 2009-’10 season dropped to $57.7 million, and the luxury tax threshold to $69.2 million, the league told its teams Tuesday night.

The mid-level exception is set at $5.854 million.

In the private memo to teams, the NBA reported what the seven franchises paying luxury tax had to give up to the rest of the league. The list included: The New York Knicks ($23.7 million), Dallas Mavericks ($23.6 million), Cleveland Cavaliers ($13.7 million), Boston Celtics ($8.29 million), Los Angeles Lakers ($7.1 million), Portland Trail Blazers ($5.8 million) and Phoenix Suns ($4.9 million).