NEW YORK (AP) – The NBA has set the salary cap at $99 million for the 2017-18 season.

The announcement came early Saturday morning, allowing for the start of free agency. The tax level also was set at $119.3 million.

Under a change in the new Collective Bargaining Agreement, the cap was set at the start of the moratorium period. It used to come at the end of the period, allowing teams to begin signing players.

The moratorium will end at 12:01 p.m. EST on July 6.

Teams were given three mid-level exceptions depending on their salary level. The non-taxpayer mid-level for this season is $8.4 million. The taxpayer mid-level is $5.2 million and the mid-level for a team with room under the Cap is $4.3 million.

© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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