NBA sets salary cap

About three hours before teams could formally sign players and finalize trades, the NBA announced its salary cap and luxury tax numbers for the 2012-2013 season.

Here are the numbers, released around 9 p.m. on Tuesday:

Salary Cap: $58,044,000

Tax Level: $70,307,000*

* -- any team with a combined salary of more than $70,307,000 has to pay a luxury tax of $1 for every $1 they are over that number.

Teams are required to spend a minimum of $49,337,000 -- or 85% of the salary cap.

Non-taxpayers get a mid-level exception of $5 million. Taxpayers get a mid-level of $3.09 million and teams with room under the salary cap get a "mini" mid-level exception worth $2.575 million.

The Knicks are likely to pay a luxury tax this season and for the next three seasons, which means they are unlikely to have the $5 million mid-level exception at their disposal.

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