Huge news for the knicks. According to tweets from multiple sources, the 2010-11 salary cap is set at $56.1 Million, as opposed to doomsday estimate of $50M predicted earlier this year.
NBA Board of Governors Meeting Recap: Salary cap for 2010-1011 season will be $56.1 million
Good news for the Knicks as they have much more cap space than anticipated, and may now be able to sign 2 max free agents, and still have enough money to fill out the 12-man roster.
The bad news is the Heat are now in great position to resign D-Wade as they now can entice him by signing another big name.