NBA board approves amendments to CBA, free agency to begin Nov. 20
The NBA's board of governors voted to approve the amendments to its collective bargaining agreement negotiated with the National Basketball Players Association, the league announced Tuesday, per NBA.com's Sekou Smith.
Free agency is now set to begin Nov. 20.
The league previously announced it had reached an agreement on the changes with the players' union on Monday night.
In light of the far-reaching financial impacts of the COVID-19 pandemic, the NBA and NBPA agreed to hold the salary cap at $109.14 million for the 2020-21 season. The luxury tax will be set at $132.63 million, with 3%-10% increases to both the cap and luxury-tax threshold on an annual basis until the current CBA expires in 2024.
Additionally, the NBA agreed that no more than 20% of a player's salary would be held in escrow in a given season - a safeguard in case league revenue falls short of projections.
With the latest amendments approved, the upcoming league calendar has begun to take form:
- Nov. 18: 2020 NBA draft at 7 p.m. ET
- Nov. 20: Free-agency negotiations begin at 6 p.m. ET
- Nov. 22: Players can officially sign contracts at 12:01 p.m ET
- Dec. 22: Opening day for the 72-game 2020-21 regular season