NBA free agency 2023: When can free agents sign their new contracts?
The 2022-23 NBA campaign is over and free agency is upon us as NBA teams fill out their rosters with new players.
The 2023 edition of NBA free agency began on Friday and the deals are already taking place. Draymond Green has decided to stay with the Golden State Warriors, while Kyrie Irving has agreed to remain in Dallas to continue to play alongside Luka Doncic.
As reported by ESPN, the Warriors and Green have agreed to a $100 million contract for four years with a player option in the final season.
When can free agents sign their new contracts?
NBA teams could start negotiating contracts with players on Friday, 30 June, at 6 p.m. ET, however, most contracts can’t officially be signed until Thursday, 6 July at 12:01 p.m. ET.
Many NBA stars will agree to the terms of their contracts verbally over the coming days before putting pen to paper.
What is the salary cap for the 2023-24 season?
CBS report that the projected salary cap for next season is set at $136 million and the luxury-tax line will be set at $165 million. The new CBA added a second tax apron that will be set at $182.5 million. There will be penalties for teams that pass that second tax apron.
The Houston Rockets will be the biggest spenders this summer, with over $60.9 million in cap space.