Assuming the Knicks won't trade Stoudemire or Anthony, the team's salary cap will be all but filled.
Without a contract, the league's salary cap, which works to keep the teams competitive, would expire in 2007.
The league's salary cap keeps a lid on individual player salaries, and few players outside of Peyton Manning collect big endorsement deals.
And that is what happened in 2010 when Australian Rugby League team the Melbourne Storm were caught systematically breaking the competition's salary cap.
Wirtz then went out and paid top dollar to acquire a star defenseman, Brian Campbell, pushing the team's payroll to the league's salary cap.
There have been suggestions that owner Bruce Craig is trying to get rugby's salary cap increased to allow them to sign Carter after the World Cup.
Early in their search, the Jets appeared to target candidates who specialized in talent evaluation but lately had focused on executives proficient in negotiating the NFL's salary cap.
They also want to limit a rule allowing teams to exceed the league's salary cap when re-signing any of their players who have become free-agents on expiry of existing contracts.
The buyouts will cost two-thirds of the remaining amount on a deal paid evenly over twice its remaining length and will count against the players' overall share in revenues, but not the individual team's salary cap.
In April the Storm were stripped of two championships in Australia's National Rugby League for breaching the competition's strict salary cap rules.
Revis is one of the highest-paid players on a team that just cut five players to get under the league's mandated salary cap, and his contract is up after next season.
Blame the league's strict salary cap, which keeps football stars from being paid as much as their counterparts in basketball and baseball--plus, those pesky helmets keep most NFL stars from being well recognized, except pitchman extraordinaire Peyton Manning, who just missed our list.
Major League Baseball has enjoyed an antitrust exemption since the 1920s, but the players have successfully fought off attempts to curtail their earnings through a strong union that's gained free agency and salary arbitration while keeping a salary cap at arm's length.
The latest setback for London's banking sector -- the largest in Europe -- comes in the form of the EU's announcement it will cap bankers' bonuses at a year's salary, or two years' if there is explicit approval from shareholders.
When players' incomes are tied closely to league revenues, as they are under a salary cap, there's only so much room for dispute.
The collective bargaining agreement negotiated after last year's lockout makes the penalties for exceeding the salary cap far more punitive, and the system begins in earnest next season.
The issue of bankers' bonuses could spark a lively debate after the EU agreed a provisional deal to cap bonuses at one year's salary, despite strong opposition from the UK, which hosts Europe's biggest financial services centre.
This week policymakers of the 27-nation European Union agreed a provisional deal to cap bonuses for bankers at a year's salary, or two years' pending shareholder approval.
CNN: European lawmakers defend decision to cap banker bonuses
On Tuesday, European Union finance ministers vowed to press on with plans to cap bankers' bonuses at one year's salary, or two years if there was shareholder approval.
Though Revis was a three-time first-team All-Pro selection during his six seasons with the Jets and is regarded as the league's top cornerback, the Jets went 6-10 last season and missed the playoffs for the second consecutive year, and Idzik has sought to stockpile draft picks and create salary-cap space to replenish the team's talent base.
The EU plans to cap bonuses at 100% of a banker's annual salary, or 200% if shareholders approve.
Steinbrenner has said there's no way he'll pay out more unless the players agree to a salary cap.
Similarly, preserving and strengthening the salary cap that prevents rich teams from outspending poorer ones was Murphy's primary concern in the discussions that led to the new ten-year collective bargaining agreement with the players' association.
Despite the high salary figures, 64% of Premiership footballers who responded said they were in favour of a salary cap, which would mean that no more than 75% of a club's income should be spent on its wage bill.
With TV revenue-sharing, free agency and a hard salary cap, the NFL is designed to prevent a reign akin to that of baseball's New York Yankees.
The league's current collective bargaining agreement calls for keeping the status quo through the 2009 season, then to remove the salary cap in 2010 if an agreement isn't reached by then.
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