The NBA's salary cap will rise to $70 million for the 2015-16 season — an increase of $2.9 million from a year ago, the league announced Wednesday. The luxury tax threshold also

was raised 10.3 percent to $84.74 million.

Both are effective beginning 12:01 a.m. ET on Thursday when the NBA’s moratorium period ends and teams can officially sign free agents and make trades.

MORE: 12 affordable free agents who can really help | NBA free agency tracker

The minimum team salary — 90 percent of the salary cap — is $63 million.

The increases mean new figures for unofficial max deal contracts reportedly agreed upon ahead of Thursday's opening.

LaMarcus Aldridge, the league's most sought-after free agent, agreed to a four-year deal with the Spurs that will be worth $84.1 million with the cap increase. New teammate Kawhi Leonard will now earn $95.3 million over his five-year max deal.