The NBA salary cap for the 2015-16 season will be $70M, up from the estimated $67M that teams were expecting as recently as a month ago. The cap is determined by estimating the BRI for the upcoming year, a project jointly undertaken by the league and the players association.
The luxury tax threshold will be slightly over $84M for next season.
This is of very little relevance to the Timberwolves, who have been and will continue to operate as an over the cap team, maintaining their exceptions (MLE, some of which is being spent on Nemanja Bjelica) and their TPEs. The 14 contracts that we have information on for the Wolves (including both rookies, Bjelica, and Lorenzo Brown's unguaranteed deal) add up to roughly $66M. Kevin Garnett will almost certainly push them over the cap in total salary, though obviously well below the tax threshold.
This means that they can comfortably use their trade exceptions should an opportunity arise prior to their expiration, but I wouldn't expect them to be used.
Any thoughts on the cap?