News from July 9.

The salary cap for 08-09 has been set at $58.68 million and the luxury tax
threshold has been set at $71.15 million for 08-09 [every dollar a team is 
over the luxury tax has to be has to be paid to the league as a fine and 
then that pool of money is redistributed back to the teams].  The 
mid-level exception has been set at $5.585 million.  The July moratorium 
has ended and teams can now sign veteran free agents and make trades.

TRADE: Indiana traded Ike Diogu and the rights to Jerryd Bayless to
Portland for Jarrett Jack, Josh McRoberts, the rights to Brandon Rush, and
cash.

TRADE: Toronto traded T.J. Ford, Rasho Nesterovic, Maceo Baston, and the
rights to Roy Hibbert to Indiana for Jermaine O'Neal and the rights to 
Nathan Jawai.

TRADE: Philadelphia traded Rodney Carney, Calvin Booth, a 1st round draft
pick, and cash to Minnesota for a future conditional 2nd round draft pick.

Philadelphia signed LA Clippers free agent Elton Brand to a 5 year, $79.8
million contract.

Miami signed Portland free agent James Jones to a 5 year, $23 million
contract with the last 3 years at Miami's option.

Miami signed 2nd round draft pick (#34) Mario Chalmers.

New Jersey signed 2nd round draft pick (#40) Chris Douglas-Roberts.

Portland signed 1st round draft pick (#11) Jerryd Bayless to a 2 year,
$4,076,640 contract with 2 more years worth $5,334,880 at the team's 
option.

Milwaukee signed 2nd round draft pick (#37) Luc Mbah a Moute.

Washington signed 1st round draft pick (#18) JaVale McGee to a 2 year,
$2,888,880 contract with 2 more years worth $4,063,440 at the team's 
option.

New Orleans signed Chris Paul to a 4 year, $68 million contract extension.
The 4th year is at Paul's option.

New York signed Chicago free agent Chris Duhon to a 2 year contract.

Toronto re-signed Jose Calderon to a 5 year, $40 million contract.

Dallas re-signed J.J. Barea to a 3 year, $5 million contract.

Dallas signed New Jersey free agent DeSagana Diop to a 5 year, $32.393
million contract.

Sacramento re-signed Beno Udrih to a 5 year contract.

Memphis signed Marc Gasol to a 3 year, $10 million contract.

Sacramento signed 2nd round draft picks (#42) Sean Singletary and (#43)
Patrick Ewing Jr.


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  Patricia Bender                       pbender@eskimo.com
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