The  National  Basketball  Association today announced  that  the  Salary  Cap  for  the  2008-09 season will be $58.680 million.   The  new  Cap  goes  into  effect  immediately  as  the league’s “moratorium  period”  has ended and teams can begin signing free agents and making trades.
The  tax level for the 2008-09 season has been set at $71.150 million.  Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $71.150 million.
The  mid-level  exception  is $5.585 million for the 2008-09 season and the minimum  team  salary,  which  is  set at 75% of the Salary Cap, is $44.010 million.
For  the 2007-08 season, the Salary Cap was set at $55.630 million, the tax level was $67.865 million and the mid-level exception was $5.356 million.

The Toronto Sun (Ryan Wolstat) reports:  Not many doubts remained after the Raptors traded T.J. Ford to the Indiana Pacers last week, but Jose Calderon confirmed the expected yesterday, when he inferred on his website that he will be the Raptors’ starter at point guard for years to come. “Early this morning, through my agents, I reached a preliminary agreement with the Toronto Raptors,” Calderon wrote…  Contractual details will be officially released July 9th, but the expected terms are around five years at $7.5-8.5 million US a season.

The Globe and Mail reports: Toronto Raptors president Bryan Colangelo was probably on the phone, too, but he only had one call to make above all others: to offer Raptors point guard Jose Calderon the best deal he can afford and hope it’s enough to convince the emerging Spanish star that his future is in Toronto.

The Toronto Star (Doug Smith) reports: The one player who seems to be on his way out is restricted free agent Carlos Delfino. Because of financial constraints, and the desire to give coach Sam Mitchell a chance to establish a regular rotation, Delfino doesn’t appear to have a future with the Raptors. And because of those same issues, it’s unlikely Toronto would entertain a sign-and-trade proposition for Delfino, who may end up heading to Europe, where he’s sure to command a greater salary than he’ll get in the NBA.

The Toronto Raptors announced Friday they have extended qualifying offers to restricted free-agent guards Jose Calderon and Carlos Delfino. Per team policy, financial details were not disclosed.
In accordance with the league’s collective bargaining agreement, in order for a team to retain its right of first refusal with respect to a restricted free agent it must tender the player a qualifying offer prior to June 30. A restricted free agent may sign an offer sheet with any team, but is subject to a right of first refusal in favour of the team for which the player last played.
Calderon contributed career highs of 11.2 points and a team-best 8.3 assists in all 82 regular season games in 2007-08. He led the NBA with a 5.38 (678/126) assist-to-turnover ratio. Calderon has averaged 8.7 points, 6.1 assists and 25 minutes in 223 regular season NBA games with the Raptors.
Delfino appeared in all 82 games, averaging 9.0 points and 4.4 rebounds. He set career highs in points, rebounds, three-point field goals made and attempted, free throws made and attempted, and minutes (1,928). Delfino has averaged 5.8 points, 3.0 rebounds and 17.1 minutes in 262 career NBA regular season games with Toronto and Detroit.

The Toronto Raptors announced Wednesday they have released forward Jorge Garbajosa. Per team policy, financial details were not disclosed.
“After a long, difficult and sometimes emotional process stemming from a traumatic injury to a key player, it was concluded that parting ways was the best thing for both Jorge and the Raptors organization,” said Bryan Colangelo, president and general manager of the Raptors. “We wish Jorge nothing but the best with his basketball future.”
Garbajosa was limited to seven games last season after suffering a dislocated left ankle joint with ligament tear and fractured fibula March 26, 2007 at Boston. He had surgery to repair the ankle and fibula March 27, 2007 and surgery on his left ankle December 11, 2007.
The native of Madrid, Spain was signed as a free agent July 21, 2006 following seven seasons in the Spanish pro league and four in Italy.  He finished the 2006-07 season fifth among rookies in rebounds (4.9 rpg) and posted a 1.22 steals-per-turnover ratio. He started 60 of his 67 games, contributing 8.5 points (eighth among rookies) in 28.5 minutes (third) en route to earning T-Mobile All-Rookie First Team honours.
The team also announced that a settlement had been reached with the Spanish Basketball Federation regarding the claim filed by the Raptors in connection with the non-payment of insurance proceeds related to Garbajosa’s injury. Per team policy, financial details were not disclosed.
“We are pleased that an acceptable resolution was reached and we can finally put this behind us,” said Colangelo.

The Toronto Sun reports: The Raptors reiterated last week that though offers are constantly being made for point guard Jose Calderon, the odds of him moving are nil since the club can match any offer. Now comes word that Calderon recently fired his American agent, while maintaining his European representation. Connecting the dots, it appears Calderon, a restricted free agent, likely realized he would be returning to the Raptors, so paying considerable cash to a North American agent to promote him around the league made little sense.

The Toronto Raptors announced Friday that centre Rasho Nesterovic has exercised the player option on his contract for the 2008-09 season. Per team policy, financial terms were not disclosed.
Nesterovic, 7-foot, 270 pounds, concluded his second season with the Raptors and his 10th in the NBA. He appeared in 71 games (with 39 starts) last season, averaging 7.8 points, 4.8 rebounds and 20.9 minutes. He led the team in field goal percentage (more than 200 attempts) at .550 (257-467).  He scored in double figures in 17 of the final 18 regular season games, averaging 15.4 points and 6.7 rebounds.
Nesterovic has averaged 7.0 points and 5.5 rebounds in 699 career games with Minnesota, San Antonio and Toronto. He was a member of San Antonio’s 2005 NBA Championship team.

The Toronto Raptors announced Wednesday they have exercised the team option on the contract of forward Jamario Moon for the 2008-09 season. Per team policy, financial terms were not disclosed.
“We are very proud of Jamario for what he has accomplished and for the way he handled himself this year,” said Bryan Colangelo, president and general manager of the Raptors. “Jamario’s path to the NBA and the Toronto Raptors is a great example of perseverance.”
Moon, 6-foot-8, 205 pounds, was signed to a free agent contract July 10, 2007 following stints in the NBA Development League and Continental Basketball Association. He appeared in 78 games this past season, averaging 8.5 points, 6.2 rebounds, second on the team, and a team-best 1.38 blocks. He set a club record for starts by a rookie with 75.
Moon was named to the 2007-08 T-Mobile NBA All-Rookie Second Team, and participated in the T-Mobile Rookie Challenge and Sprite Slam Dunk contest during All-Star Weekend in New Orleans. He ranked first among NBA rookies in steals (1.03), second in blocks (1.38), third in rebounds (6.2), fourth in minutes (27.8) and 10th in scoring (8.5). He became the seventh player in team history to receive NBA Eastern Conference Rookie of the Month honours when he averaged 10.2 points and 5.9 rebounds in January, while shooting .516 from the field and .889 at the foul line.

Atlanta Hawks center Al Horford, the runner-up for the 2007-08 T-Mobile Rookie of the Year award, was the only unanimous selection on the 2007-08 T-Mobile NBA All-Rookie Team, the league announced today. Horford received 58 votes, while Seattle’s Kevin Durant, winner of the 2007-08 T-Mobile Rookie of the Year award, received a total of 57 votes.
InsideHoops has to ask: How could a voter not have picked Durant as one of the top five rookies?
Rounding out the NBA All-Rookie First Team are Houston’s Luis Scola (53 points), the Los Angeles Clippers’ Al Thornton (48 points) and Seattle’s Jeff Green (43 points).
The T-Mobile NBA All-Rookie Second Team consists of former D-League player, Jamario Moon of the Toronto Raptors (38), Memphis’ Juan Carlos
Navarro (24), Philadelphia’s Thaddeus Young, (23), Detroit’s Rodney Stuckey (22) and Houston’s Carl Landry (18).
The voting panel consisted of the NBA’s 30 head coaches, who were asked to select five players for the first team and five players for the second team, regardless of position.  Coaches were not permitted to vote for players on their own team. Two points were awarded for first team votes and one for second team votes.