From ESPN's Marc Stein:
The NBA announced a cap of $58 million for the 2010-11 season, when most teams had budgeted a cap of $56.1 million.
The exact salary cap figure, according to league sources, is $58,044,000, up from $57.7 million in the 2009-10 season.
The luxury-tax line for the coming season will be $70,307,000, up from $69.9 million.
The midlevel exception for next season is $5.765 million.
The cap goes into effect at 12:01 a.m. Thursday, ending the league's moratorium period and allowing free-agent contracts to be signed.
So, good news all around. Recalling this post from last week, the Hornets total committed salary at this point stands at $67, 540, 045. That means New Orleans is already around $3 million under the cap- which is awesome.
This also means that if New Orleans moves Darius Songaila before the trade deadline, they'd be ~7.6 million dollars beneath the tax. The Hornets are actually a Posey and Songaila contract away from being underneath the salary cap altogether.
New Orleans can also now afford to offer its entire midlevel exception AND almost the entire biannual exception. Overall, very, very good news. Some of the more "unrealistic" FA's we've been looking at just got a lot more attainable.