Report: Salary cap for 2016-17 to rise to $94M, not $92M

The NBA's salary cap for the 2016-17 season is reportedly going to rise higher than previously expected.

All 30 teams were informed the cap will reach $94 million instead of the anticipated $92 million in a memo Friday afternoon, sources told The Vertical's Shams Charania.

The memo stated that the projection for the next cap is due to "business outperformance since the previous estimates."

The final amount will come pending the completion of the 2015-16 BRI (Basketball Related Income) audit report on July 6.

The skyrocketing cap is a result of a $24-billion national broadcast deal the league signed with ESPN and TNT in 2014.

The NBA's previous deal with ESPN/ABC and Turner, worth $7.5 billion over eight years, expired at the end of the 2015-16 campaign.

Max salaries under the new cap now project to be $22 million for Tier 1, $26.4 million for Tier 2, and $30.8 million for Tier 3, according to The Vertical's Bobby Marks.