NBA Salary Cap 2024: How much each NBA team can spend on players salaries for the next 3 NBA seasons
The governing body of the most famous basketball tournament globally, the NBA, has announced salary caps for the next three seasons. According to reports, the NBA salary cap projections will be introduced from the upcoming 2024-22 NBA season and will stay until the 2024/24 season.
NBA has cited financial losses incurred during the pandemic as the main reason for implementing the salary cap. The tournament had to suffer heavy losses during the pandemic as the number of games were cut short for the 2024-21 season, and no spectators were allowed. The NBA salary cap for the 2024-21 season was $109 Million, while the luxury tax was $132.6 Million.
NBA Salary Cap and Luxury Tax Projections
| Season | Salary Cap | Luxury Tax |
| 2021-22 | $112 Million | $136.6 Million |
| 2022-23 | $115.7 Million | $140 Million |
| 2023-24 | $119.2 Million | $144.9 million |
The NBA is trying to compensate for the incurred losses over a longer time instead of one or two seasons. The league will decrease the losses faced by the players in the upcoming season.
At least 10 per cent of players’ salaries will be put into an escrow account, and they are set to lose around 20% of their salaries. Losses exceeding 10 % will be distributed over three seasons.
When is the 2024-22 NBA season?
After a pandemic hit season, NBA will return to complete normalcy from the 2024-22 season. The new season of the NBA is set to commence on 19 October 2024. Check NBA Schedule 2024-22