On Monday, the NBA announced that the salary cap has been set at $154.647 million for the 2025-26 season, while the tax level is $187.895 million. The first apron level is set at $195.945 million, and the second apron level is $207.824 million. The salary cap and tax level went into effect at 12:01 a.m. ET on Tuesday.

NBA free agency officially kicked off on Monday evening as the negotiating window opened for eligible players and all teams across the league at 6 p.m. ET. Monday night was relatively quiet, but the first stunners of the new league year came Tuesday morning.

Ahead of the two-day draft, which begins Wednesday at 8 p.m. ET (on ABC, ESPN and the ESPN App) at Barclays Center in Brooklyn, the Philadelphia 76ers hold the No. 3 pick, with VJ Edgecombe the presumptive favorite and Ace Bailey potentially falling down the board.

LeBron James opted into his player option, but comments from Rich Paul hinted at a possible trade this offseason.

Having already added Cam Johnson to their roster on the first day of free agency, the Denver Nuggets are acquiring Jonas Valančiūnas from the Sacramento Kings as depth behind Nikola Jokić.

Read the breaking news story from the ESPN contributor Shams Charania