The NBA has officially announced several key figures for the 20-21 season.

Salary Cap: $109,140,00

Tax Level: $132,627,000

Minimum Team Salary: $98,226,000

Non-Taxpayer Mid-Level Salary Exception: $9,258,000

Taxpayer Mid-Level Salary Exception: $5,718,000

Mid-Level Salary Exception for Room Teams: $4,767,000

Bi-annual Exception: $3,623,000

Max Annual Cash (in Trade) Limit: $5,617,000

Tax Level Plus Tax Apron Amount: $138,928,000

Max Annual Salary (0-6 Years of Service): $27,285,000

Max Annual Salary (7-9 Years of Service): $32,742,000

Max Annual Salary (10+ Years of Service) $38,199,000

The NBA and NBPA have agreed that each side could terminate the Collective Bargaining Agreement following the 2020-21 and 2021-22 seasons, sources told Adrian Wojnarowski of ESPN.

There was already an option to terminate the agreement after the 2022-23 season.

The salary cap for the upcoming season is expected to be at $109.1 million, with the luxury tax set at $132.6 million. Both numbers are the same as last season.

Future projections of the salary cap and luxury tax include:

• 2021-2022: $112 million and $136.6 million
• 2022-2023: $115.7 million and $140 million 
• 2023-2024: $119.2 million and $144.9 million 

The Board of Governors have unanimously approved the amended collective bargaining agreement between the NBA and NBPA.

The NBA will begin their 72-game 20-21 regular season on December 22nd.

Free agency will begin at 6 PM ET on Friday, November 20th, two days after the draft.

The league will have a compacted offseason with training camp beginning on December 1st.

The NBA will set the salary cap at $109.1 million for the 20-21 season with the luxury tax at $132.6 million, which is the same numbers they were doing the 19-20 season.

The unplanned drop in revenue due to the COVID-19 pandemic caused the NBA and NBPA to agree not to tie the salary cap to revenues.

The salary cap will go by at least three percent per year and a maximum of 10 percent through the remainder of the existing collective bargaining agreement through 23-24.

When the NBA's new television rights deal took effect for the 16-17 season, the salary cap increased by approximately 34 percent. The league sought to smooth the cap but that idea was met with resistance from the NBPA as nothing was offered by the owners to in return.

The NBA and NBPA will extend Friday's deadline for either side to serve notice on terminating the current collective bargaining agreement to this coming Monday.

While the two sides have made progress this week on a deal, there are several deal points still remaining to be agreed upon such as the league's escrow system.

The NBA will begin the 20-21 season on December 22nd based on an agreement reached this week.

As part of the NBA's negotiations with the players to agree to a December 22nd start date, they made the concession to spread the anticipated loss of revenues due to COVID-19 for players over multiple seasons instead of strictly during the 20-21 season. The league will withhold approximately 17 percent of player salaries in escrow while the actual drop in revenue will be closer to 40 percent.

"I was talking to an agent yesterday, who felt that the NBA gave the players a sweetheart deal," said Brian Windhorst.

"I agree," replied Bobby Marks.

NBA players will essentially be given a loan by the league and also allow the loss of player income be spread over a bigger pool of players and at their salary levels over multiple years.

Extension eligible players such as Jayson Tatum and Donovan Mitchell will have 20 percent of their salaries taken this season while on their rookie contract and then again next season on max contracts.

The National Basketball Players Association Board of Representatives voted to approve a plan for a December 22nd start to the 20-21 NBA season and a 72-game schedule, which will clear the way for the league and union to finalize details.

The NBA and NBPA are planning to discuss the opening of free agency as quickly as possible after the November 18 NBA draft to accommodate player movement.

The league and players still need to negotiate financial terms of an amended collective bargaining agreement with those talks expected to extend into next week.

The league believes that a Dec. 22 start that includes Christmas Day games on television and allows for a 72-game schedule that finishes before the Summer Olympics in mid-July is worth between $500 million and $1 billion in short and long term revenues to the league and players.

The NBA and NBPA are expected to eventually agree to an escrow system spread out over multiple seasons so players don't take a substantial financial hit in one season.

According to reporting from ESPN, the NBA and NBPA continue to discuss a salary escrow figure in the range of 18 percent for the next two seasons.

While the NBA and NBPA will likely agree to the December 22nd start date, the escrow figure is still being actively negotiated. 

The total player escrow projects from $720 million to $800 million if the league moves forward at the rate of 18 percent.

For example, Stephen Curry's $43 millions salary would be reduced by $7.4 million to $35.3 million.

The NBPA is expected to ratify the NBA's plan to open training camps on December 1st and start the 20-21 regular season on December 22nd, according to Marc Stein of the New York Times.

Free agency will likely begin between 48 and 72 hours after the November 18th draft.

David Aldridge of The Athletic reports similarly after speaking with multiple prominent player agents.

The NBA has scheduled a Board of Governors meeting on Thursday to share the latest progress that has been made on reaching a deal with the NBPA for a pre-Christmas start to the 20-21 season.

The NBPA is beginning to schedule calls with teams to share details of a proposed agreement with the NBA that will start training camp on December 1st, start the regular season on December 22nd and on a salary escrow system. The range for escrow will be 18 percent over the next two years.

The other start date option has been January 18th, which would result in a 50-game schedule and a substantial reduction in revenues.