Projections on the 2023-24 NBA salary cap have dropped, and Shams Charania of Stadium and The Athletic provided that information on Friday.
This year's cap has been officially set at $123.7 million ($150.3 million tax level). The Los Angeles Clippers lead the payroll figures at $195.3 million, while the Indiana Pacers bring up the rear at $95.8 million, per HoopsHype.
The NBA's salary cap was instituted in 1984-85, per Basketball-Reference. The first-ever cap figure stood at $3.6 million.
The cap rose to nine figures for the first time for the 2018-19 season. It rose to $109.1 million for 2019-20 but stayed there for 2020-21 amid the COVID-19 pandemic. However, it's now set to grow by $25 million over a two-year span after the NBA returned to full force in 2021-22 following a pair of pandemic-shortened campaigns.