by Marcel Mutoni

As expected, with the world economy being what it is, the NBA’s salary cap was reduced for the ’09-’10 season.

Here’s the official press release from the L:

The National Basketball Association today announced that the Salary Cap for the 2009-10 season will be $57.7 million. The tax level for the 2009-10 season has been set at $69.92 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $69.92 million.

The 2008-09 Salary Cap was $58.68 million and the tax level was $71.15 million. Although league-wide revenue increased 2.5% this past season, the decrease in the Salary Cap and tax level for the 2009-10 season is the result of the formula used to set the Cap and tax under the terms of the collective bargaining agreement,

The mid-level exception, a friend to GMs everywhere, is now set at $5.85 million.

All in all, it’s not entirely bad news for NBA teams. A difference of about $1 million in cap space between this year and last year won’t change a whole lot League wide.

It will likely be the marginal players – many of whom are sweating it out in the Summer Leagues – who will feel the financial pinch the most, since there will be less jobs to go around.