NBA players are about to get a hefty raise.
The NBA announced today that it reached a nine-year, $24 billion television deal with Disney (ESPN and ABC) and Turner television networks that will kick in during the 2016 NBA season. The $24 billion mark is a three-fold increase over the leagues current eight-year, $7.4 billion agreement.
With all that extra money lying around, players should expect to see a healthy increase in their salaries. Citing team executives who’ve run the numbers, CBS Sports says the deal could result in a $91.2 million salary cap for the 2016-2017 season. Currently, the salary cap sits at $63.06 million.
The new television deal, combined with the leagues option to opt out of the current collective bargaining agreement in 2017, is why players like LeBron James and Kevin Love chose to sign short-term deals that will expire come the 2016-2017 season. Chances are there will be much more money on the table for players in a few years.
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In an announcement today, NBA commissioner Adam Silver credited Disney and Turner networks with playing a significant role in the league’s rise in value.
"The Walt Disney Company and Turner Broadcasting share responsibility for the growing popularity and interest the NBA enjoys, and we are thrilled to extend our partnerships," said Silver. "With these new agreements, our fans will continue to benefit from the outstanding NBA coverage and programming provided by ABC, ESPN, TNT, NBA TV and their digital platforms."