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Salary cap set at $55.63 million, moratorium period ends Wednesday

The NBA announced Tuesday that the salary cap for the upcoming season will be set at $55.63 million.

The cap, which will rise about $2.5 million from last season's $53.135 million, takes effect Wednesday, when the NBA's moratorium period ends and trades can resume. Negotiations with free agents has been allowed since July 1, however the deals could not be finalized until the new cap was determined.

The mid-level exception is also rising, from $5.2 million to $5.36 million, and the tax level is up from $65.42 million to $67.87 million. Teams must pay a $1 tax for every $1 by which they exceed that figure.

The minimum team salary is set at $41.72 million, 75 percent of the salary cap.

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