NBA free agency officially kicked off on Monday evening as the negotiating window opened for eligible players and all teams across the league at 6 p.m. ET. Monday night was relatively quiet, but the first stunners of the new league year came Tuesday morning.

On Monday, the NBA announced that the salary cap has been set at $154.647 million for the 2025-26 season, while the tax level is $187.895 million. The first apron level is set at $195.945 million, and the second apron level is $207.824 million. The salary cap and tax level went into effect at 12:01 a.m. ET on Tuesday.

Houston is parting ways with one of its young assets. Meanwhile, the market for the Warriors' restricted free agent is beginning to take shape.