News from July 30.

The NBA and Players Association finalized the new Collective Bargaining
Agreement.  The salary cap for 05-06 was set at $49.5 million and the
luxury tax threshold (which will occur each season as one of the new
rules) was set at $61.7 million for 05-06 [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 July moratorium 
ends August 2 at 11 am Central, freeing teams to sign free agents and
make trades at that point.