[Source: Reuters]

The NBA announced that the salary cap is set at $140.588 million for the 2024-25 season.

The league said the Tax Level will be $170.814 million.

Both figures go into effect at 12:01 a.m. ET on Monday.

Teams are allowed to begin negotiations with free agents at 6 p.m. ET on Sunday. Signings can become official Saturday.

The NBA said the minimum team salary is set at $126.529 million for the 2024-25 season. For teams that exceed the tax, the First Apron Level is $178.132 million and the Second Apron Level is $188.931 million.

Also, the Mid-Level Exceptions were set at $12.822 million (non-taxpayer), $5.168 million (taxpayer) and $7.983 million (room under salary cap).