The NBA salary cap was set Wednesday night at $70 million, which is $3 million higher than projected.
Here's what that means for the New York Knicks:
Extra $3 million? Assuming the salaries the Knicks have agreed upon with free agents don't change, New York now has approximately $67 million in committed salaries for 2015-16.
That includes cap holds for rookies Kristaps Porzingis ($3.4 million) and Jerian Grant ($1.3 million) and agreed-upon contracts for Robin Lopez (four years, $52 million), Arron Afflalo (two years, $16 million), Derrick Williams (two years, $10 million) and Kyle O'Quinn (four years, $16 million).
If the terms of the agreed-upon deals don't change, the Knicks will have approximately $3 million to offer free agents.
They also have the $2.8 million room exception available.
What about Shved? The Knicks' boost in cap space may help in their negotiations with free-agent guard Alexey Shved.
The Knicks offered Shved a deal that was near the veterans minimum earlier in free agency, league sources say. Shved turned the deal down. Shved also turned down a veterans minimum deal from at least two other teams, according to sources.
As of Wednesday, the Knicks had not offered Shved their $2.8 million exception.
That may change now that the Knicks have more financial flexibility thanks to the cap increase.
New York has five roster spots open. The team needs to sign at least three more players. (This projection includes Langston Galloway, who is on a partially-guaranteed contract but is expected to be on the opening-night roster.)
In addition to Shved, the Knicks have been in touch with center Lou Amundson and small forward Lance Thomas. Earlier in free agency, they expressed interest in guard John Jenkins. But Jenkins is not believed to be a strong candidate for the Knicks' remaining roster spots, sources say.
Ricky Ledo and Thanasis Antetokounmpo hope to earn roster spots with strong performances in summer league play.
Amar'e to Miami? Ex-Knick Amar'e Stoudemire has garnered interest from the Miami Heat, league sources say. Stoudemire and the Heat hadn't scheduled a formal meeting as of Wednesday evening, per sources.
Stoudemire, the ex-Knick, has also drawn interest from the Dallas Mavericks and Los Angeles Clippers. Now that DeAndre Jordan has chosen to re-sign with the Clippers, the Mavericks seem like a feasible option for Stoudemire.