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.