NBA salary cap set at record $70 million for next season

Published Jul. 8, 2015 10:01 p.m. ET

NEW YORK -- The NBA salary cap has been set for next season at $70 million, a higher-than-expected number that paves the way for free agent contracts to be signed.

The league says Wednesday the cap increased by 11 percent and the 2015-16 cap will be the highest ever. It had been projected to come in closer to $67 million until recently.

With the cap set, the league's moratorium will be lifted at midnight, and deals and trades that were agreed to since free agency opened on July 1 can become official beginning Thursday at 12:01 a.m. EDT.

Also, the tax level increased 10.3 percent to $84.7 million.