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NEW YORK (AP) -- The NBA salary cap has been set for next season at $70 million, a higher-than-expected number that paves the way for free agent contracts to be signed.

The league says Wednesday the cap increased by 11 percent and the 2015-16 cap will be the highest ever. It had been projected to come in closer to $67 million until recently.

With the cap set, the league's moratorium will be lifted at midnight, and deals and trades that were agreed to since free agency opened on July 1 can become official beginning Thursday at 12:01 a.m. EDT.

Also, the tax level increased 10.3 percent to $84.7 million.

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