The National Basketball Association (NBA) has released the salary cap for the season 2024-22, 2024-23 and 2024-24. It attempts to cover up the cost lost due to Covid-19. The salary Cap for the 2024-22 season is set at $109.1 million with a $132.6 million luxury tax, which is flat from 2019-20.
As per the new salary cap, players will have 10 percent of their salaries placed in an escrow account, as is typical, and could potentially lose up to 20 percent of their salaries, per Wojnarowski and Tim Bontemps. Losses above 10 percent will be spread out over three seasons.
The NBA believes that there will be financial hit in the upcoming years as well. The fans attendance will be minimal in almost every arena. This will affect the revenue of the teams and league. The Covid-19 is still at red alert in the United States of America with thousands of people diagnosed with it and admitted in hospitals. However, the US government is making all the efforts to vaccinate the people. But, it is very unlikely to see all people vaccinated before the beginning of the NBA 2024-22 season.
NBA Salary Cap for the Current and Upcoming Seasons
- 2021-2022: $112 million and $136.6 million
- 2022-2023: $115.7 million and $140 million
- 2023-2024: $119.2 million and $144.9 million
NBA 2024-22 Season
The 2024-22 season of the National Basketball Association will commence on 19th October. This year’s NBA draft took place in July. The training camps have already been established and teams have started preparations for the upcoming season. The last and final game of the season will take place on 19th June 2024.