ESPN reports that the NBA has alerted teams to expect a significant increase in the salary cap, from this year's $58.6M to approximately $63.2M for next season. The luxury tax threshold will also increase, from $71.7M to $77M.
The Wolves currently have 12 players under contract for 2014-15 for a combined salary of $66.4M, and thus are already over the cap. This increase does give the Wolves flexibility, however, to use the mid-level exception without approaching the luxury tax if they so choose. It also permits them to take on more salary in trade then they ship out without worrying about the tax line.
On the other hand, it will make competition for players even more fierce, as more teams have flexibility under the cap and/or tax.
In other NBA business news, Senator Herb Kohl agreed to sell the Bucks to a group that has promised to keep the team in Milwaukee. Selling price: $550 million. For the Bucks. Who have arguably the worst arena situation in the league. That sets a new floor for NBA franchises, and given the recent sales (Sacramento for $534M, and the Bucks), after four teams sold in 2011-12 for prices ranging from $280-$377M, we might conclude that the CBA is working pretty well for the owners.
Final note: Adam Silver has recently spoken about increasing, once again, the age limit in the NBA,. We'll see what form that takes, but generally I am opposed to rules that lock people out of the workplace. Plus, I don't want to have to pay more attention to college basketball. Here is the ESPN piece about it, which also includes some brief notes about the league wanting to do something about tanking, and several terrible ideas to "fix" it that won't work.