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Playing in the NBA is one of the most luxurious jobs in the sports world, with an average salary of $9.7 million for the 2023-24 season. However, not all players are worth that much money, especially the back end of the bench-type guys. So how much is the minimum salary for the upcoming season?
According to Statista, the minimum salary for NBA players this season is around $1.1 million. It's a historic figure, as the minimum salary surpassed the $1 million mark for the first time. The league's minimum salary a couple of seasons ago was around $925,000.
To be more specific, the exact minimum salary of an NBA player is $1,119,563, which they will earn during an entire season as long as they're on a fully guaranteed contract.
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It should also be noted that the minimum salary changes depending on a player's experience.
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According to Hoops Rumors, players who usually earn the minimum salary are undrafted free agents and second-round picks. Some veterans also settle for the minimum salary but earn more than rookies because of their experience.
A player earns one year's worth of experience if he's on an active roster at any point of the regular season. The minimum salary increases by 10% depending on the years of experience. For example, a player with three years of NBA experience has a minimum salary of $2,092,354.
For teams to avoid signing veteran players, the league reimburses teams who signed veterans with at least three years of experience. Only $2,019,706 will be part of the total salary camp and the team's bank balance.
Who is the highest-paid player in the NBA this season?
If the minimum salary for this season is roughly $1.1 million, what is the highest salary? The figure is an estimated $51.91 million, and it belongs to Steph Curry of the Golden State Warriors. Curry is the league's highest-earner for the second straight year.
The Warriors superstar had a $48.07 million salary last season, with his $51.91 million salary this season the first to surpass $50 million. Nikola Jokic of the Denver Nuggets, Joel Embiid of the Philadelphia 76ers and LeBron James of the LA Lakers are tied in second place with a 2023-24 salary of $47.6 million.
Jaylen Brown of the Boston Celtics is currently the highest-paid player in terms of annual average. Brown is set to earn an average of $57.65 million once his $304 million extension kicks in.
