Salary cap for 2007-08 season set at $55,630,000

The salary cap for the 2007-08 NBA season will be set at $55,630,000, ESPN.com has learned.

The number was reached after an audit of league finances and was set late Tuesday night by the players association and the league office. It will be the number teams use beginning Wednesday when a 10-day moratorium on free agent signing ends.

The mid-level exception for over-the-cap teams is $5,356,000, and the luxury tax threshold will be $67,865,000.

The salary cap numbers mean that free agent Rashard Lewis of Seattle will get a $90.764 million deal from the Orlando Magic if he signs with them for five years.

If, however, the Seattle SuperSonics and Magic can agree to a sign-and-trade deal, Lewis would get a six-year pact.

Florida Today's John Denton is reporting that Orlando has indeed agreed to a sign-and-trade deal with the Sonics that will allow Lewis to make $126.4 million over the next six seasons, according to NBA sources who requested anonymity. The Magic will send back a second-round pick to the Sonics.

Chris Sheridan covers the NBA for ESPN Insider. To e-mail Chris, click here.