The NBA salary cap and tax level go into effect at 12:01 a.m. ET on Friday, July 1.

NEW YORK — The National Basketball Association today announced that the salary cap has been set at $123.655 million for the 2022-23 season. The tax level for the 2022-23 season is $150.267 million.

The salary cap and tax level go into effect at 12:01 a.m. ET on Friday, July 1. Teams were permitted to begin negotiating with free agents today at 6:00 p.m. ET — six hours prior to the start of the league’s “moratorium period.” The moratorium period ends at noon ET on Wednesday, July 6.

The minimum team salary, which is set at 90% of the salary cap, is $111.290 million for the 2022-23 season.

The Collective Bargaining Agreement provides for three different mid-level exceptions depending on a team’s salary level. The non-taxpayer mid-level for the 2022-23 season is $10.490 million, the taxpayer mid-level is $6.479 million, and the mid-level for a team with room under the salary cap is $5.401 million.