News from July 17.

[With special thanks to Jed Tai for helping keep track of the transactions
while I was on vacation.]

The NBA announced that the salary cap for 2002-03 is $40.271 million.  Last
season's salary cap was $42.5 million - it's the first time the salary cap
has ever decreased.  The mid-level exception is $4.545 million and the
minimum cap is $30.2 million.

Cleveland signed 1st round draft pick Dajuan Wagner (#6) to a 3 year,
$7,413,720 contract with a 4th year worth $3,352,085 at the team's option.

Detroit signed Chauncey Billups to a 6 year, $35 million contract.

Orlando signed Jacque Vaughn to a 1 year, $700,000 contract.

Frank Williams (NY) is scheduled to undergo surgery on his broken left wrist
today (Thursday).

Boston signed J.R. Bremer to a minimum contract that is only partially
guaranteed.

Denver re-signed Ryan Bowen to a 2 year contract with a 3rd year at the
team's option.

Memphis signed Gordan Giricek.


On the lighter side
Minnesota GM Kevin McHale on Kevin Garnett's tirade in an ESPN Magazine
interview: "Look, guys say a lot of things and I don't put too much credence
in it.  Maybe they got him on a day when his milk was too warm for his Coco
Puffs."