The NBA will be increasing its salary cap by nearly $5 million next year, according to sources close to ESPN, which could impact the chances of the New York Knicks retaining the services of their star forward Carmelo Anthony.
Via Marc Stein of ESPN, the league has told all 30 teams that it will increase the salary cap to $63.2 million next year from this season's $58.6 million given the increased revenues of the NBA. Likewise, the luxury-tax threshold is expected to be increased to $77 million from the previous $71.7 million.
Although Stein reminds that these figures are all non-binding forecasts, and that the official cap ceiling and luxury tax threshold for next season will be formally announced in July, these projections could change the way teams will chase free agents this summer. With an increase in salary cap, teams now have more financial flexibility to sign free agents they covet.
Like the Knicks' Anthony, who can re-sign to a five year deal in the $130 million range which is a year longer than any other team can offer.
While the Knicks remain the favorites to sign Anthony, other teams such as the Chicago Bulls and Houston Rockets could have more financial flexibility to pry away the high-scoring forward from the Big Apple.
It is widely believed that the Bulls will have to amnesty former All-Star Carlos Boozer and release some veterans in order to make a run at Anthony. The Rockets, meanwhile, have to dump the contracts of guard Jeremy Lin and center Omer Asik if it hopes to have enough cap space to sign Anthony.
But with an impending salary cap increase, the chase for Anthony next summer becomes all the more intriguing.
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