The NBA salary cap for the 15-16 season has risen to $70 million and the luxury tax level will be $84.7 million.
Teams had been operating on an estimated cap of $67.1 million.
On the eve of the offseason, Ken Berger reported there would be an anticipated jump after the NBA's final audit.
The significant increase in the salary cap will impact max contracts as well as luxury tax payments.
NBA.com's David Aldridge reports the players will receive $57.2 million in escrow shortfall payments since salaries were under their share of BRI.
Adrian Wojnarowski/Yahoo! Sports