Via Jason Quick:
The NBA salary cap has been set for the 2009-2010 season at $57.7 million, which puts the Trail Blazers $7.7 million under the cap.
The tax threshold, the number where teams are taxed dollar-for-dollar if they are over, was set at $69.920 million.
Of course the Blazers can still clear about a million more (If I remember — UPDATE: Up to $9,445,078, thanks to Ben at BEdge) by renouncing the rights to Koponen and Freeland. Players can officially sign at midnight tonight, and the quiet of the last two days suggests to me that some teams (not necessarily the Blazers) were waiting on these exact figures to announce moves like sign-and-trades. It will be interesting to see if anybody panics now that the cap has dropped from last season, even if this was previously predicted.
We’ll be on top of things as they happen, which could be in less than 90 minutes. Stay tuned.