The newly revealed cap of $43.84m is the league's highest yet, with an average salary calculated at $4.917m.
Those teams whose payrolls toppled the $52.9m upper limit last season will face a luxury tax on spend over the amount.
Commented players union president Michael Curry of the Detroit Pistons: "We're pleased with the cap. It surprised a few people. It's going to help. We hope it helps a few guys get a little bit more money. We hope it helps some role players who may have had to play for the minimum get something extra."
Teams are allowed to use several loopholes to exceed the salary cap figure but those whose payrolls were over $52.9m last season will have to pay a dollar-for-dollar luxury tax on anything that exceeds the limit.
The luxury tax money is pooled and then redistributed to teams below the limit using a formula determined by the NBA Board of Governors. The players' union said it expected next season's tax threshold to be $57m.
The average salary for the upcoming season will be $4.917m, which will become the starting salary for any free agent signed to the mid-level exception.
The NBA's salary cap has leapt up nine percent for the 2003-04 season to almost $44million.
