With the hoops world transfixed on the DeAndre Jordan free agency fiasco Wednesday night, the NBA snuck in an announcement that the salary cap for the 2015-16 season would be set an all-time high of $70 million.

The Luxury tax level is going to $84.740 million, a 10.3 percent jump.

Maximum salaries will rise, as they’re based on a percentage of the cap, depending on a player’s years of service.

Below is the nitty-gritty, via the League’s press release and AP:

The Salary Cap and tax level go into effect at 12:01 a.m. ET on Thursday, July 9, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades. […] The minimum team salary, which is set at 90% of the Salary Cap, is $63 million for the 2015-16 season.

 

The current Collective Bargaining Agreement provides for three different mid-level exceptions depending on a team’s salary level. The non-taxpayer mid-level for this season is $5.464 million, the taxpayer mid-level is $3.376 million and the mid-level for a team with room under the Salary Cap is $2.814 million.

 

The league said the cap increased by 11 percent from last season’s $63.1 million and the 2015-16 cap will be the highest ever — though it will be shattered next summer. It had been projected to come in closer to $67 million until recently.[…] The salary cap is derived in part on league revenues. It is expected to vault to about $90 million for the 2016-17 season, when the league’s new national TV contracts begin.