NBA sets salary cap for 2013-14 season

The NBA announced Tuesday night that the salary cap for the 2013-14 season will be $58.7 million, up slightly from last season's cap of $58 million.

The tax level is $71.7 million, with harsher penalties starting this season for teams that exceed it. Teams formerly paid $1 for every $1 they were over, but the penalties now start at $1.50 for teams up to $4.9 million over, with increases from there up to $3.25 and higher.

The new cap and tax level go into effect beginning today, when the moratorium period ends and teams can begin signing free agents and making trades.

The mid-level exception for non-taxpayers is $5.15 million. It's $3.2 million for teams over the tax, and there's a mid-level worth $2.7 million for teams with room under the salary cap.