ESPN has gotten its hands on the proposal the owners have sent to the union as " the endpoint of their negotiations." Check out the PDF here, I'll add my take after the jump.
OK, let's just start with the key points that I hadn't heard before, or at least my interpretations of what this means. In no particular order:
- Salary Cap and Tax levels in years I and 2 to be no less than their 2010-11 levels.
- Mid-Level Exception for Room Teams: If I'm reading this correctly, teams that use cap room to sign free agents can then also use a $2.5M, two-year exception to sign another player over the cap. This is new, and favors the players, if I'm reading it correctly. It used to be you either had cap room to use, or an exception, this would allow a combo.
- The floor is raising from 75% to 85% in years 1 and 2, and 90% in year three.
- The luxury tax penalties are much more severe. Under this system here's a look at what the luxury tax payments would've been last season:
- Magic: $65.325M (actually paid $20.1M)
- Lakers: $64.675M (actually paid $19.9M)
- Mavericks: $61.425M (actually paid $18.9M)
- Celtics: $9.975M (actually paid $5.7M)
- Jazz: $8.75M (actually paid $5M)
- Blazers: $3.45M (actually paid $2.3M)
- Rockets: $1.2M (actually paid $800K)
- Note: These luxury tax levels wouldn't go into effect until year 3 of the deal.
More to come.