All is set for the 2020-21 NBA season to begin.
The NBA's Board of Governors unanimously approved an amended agreement to the Collective Bargaining Agreement, the league announced on Tuesday.
The agreement, which was agreed to in principal on Monday night, also solidifies that it will indeed be a 72-game season that will begin on Dec. 22. Free agency negotiations will begin on Friday, Nov. 20 while players can begin signing contracts on Sunday, Nov. 22.
A shortened training camp will also begin on Dec. 1.
ESPN's Adrian Wojnarowski also provided some key financial and salary cap rules from the agreement.
The salary cap will be set at $109.1 million and luxury tax at $132.6 million – which is the same as last season. The league and union were able to avoid a decrease in salary cap after the coronavirus took a financial toll on league revenue.
The salary cap and luxury tax will increase by a minimum of three precent and maximum of 10 percent over the prior season while teams' tax payments will be reduced in proportion to any basketball-related income.
An escrow system to spread the losses out across multiple seasons was also agreed upon. Essentially, the 10% withholding will remain in place while players can never have more than 20% of their salary withheld in a single season.
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