The NBA and the players' union agreed to an amended version of the CBA for the 2020-21 season, with a 72-game regular season starting on December 22nd.
Free agency will begin on Friday, November 20th.
Sources told ESPN that the salary cap will be set at $109.1 million, with the luxury tax at $132.7 million - which are the same numbers as the 2019-20 season.
The salary cap will go up between 3% and 10% per year for the remainder of the CBA.
The two sides also agreed that players can never have more than 20% of their salary withheld in escrow for a single season.
The league will also reduce the luxury tax at the end of the 2021 season by the percentage that the league's Basketball Related Income decreases from its initial projections.