Free Agency in NBA Starts

Wednesday signifies the start of free agency in the NBA. A number of big-time players have already been rumored to be on the move, but nothing could be made official until 12:01 a.m. ET Wednesday when the league's moratorium period ended, allowing teams to make trades and begin signing free agent players. Los Angeles Clippers point guard Chris Paul became the first marquee player to ink a new deal when he finalized his contract just after the NBA's signing period for free agents and trades was lifted. Paul posted a picture on Instagram signing his deal, which is through the 2017-18  season. He'll reportedly receive the maximum five-year, $107 million maximum contract extension.

                                     
NBA Salary  Cap, Tax Level Sees Bump Up From Last Season

The NBA's salary cap and tax level both saw a bump up from last season. The league's salary cap for the 2013-14 season will be set at $58.679 million, while the tax level is fixed at $71.748 million. The salary cap and tax level
were due to go into effect at 12:01 a.m. ET Wednesday when the league's moratorium period ended. Last season, the cap was $58.044 million and the tax level was $70.307 million.