6:49 PM ET
The NBA’s Board of Governors was unanimous in voting to approve an amended agreement to the Collective Bargaining Agreement, clearing the way for a number of financial and competitive rule changes to the structure of the 2020-2021 season.
The league’s deal, negotiated with the Players Association, sets the stage for a season that will open on December 22 and play a reduced schedule of 72 games.
The NBA and its players’ union reached the agreement in principle late Monday night, prior to Tuesday’s vote. The deal, officially announced by the league Tuesday night, calls for free agency to begin at 6 p.m. ET on Friday, Nov. 20, two days after next week’s NBA draft.
The salary cap is going to be set at $109.1 million, and the luxury tax will be $132.6 million — the same numbers they were during the 2019-20 season, before the league’s finances took a drastic hit as a result of the ongoing COVID-19 pandemic. Teams had been expecting both numbers to remain the same next season for some time now, as it was better for both the teams and the players to avoid a massive drop in the salary cap for