Top 5 teams with the highest salary cap available heading into the 2021 NBA free agency

As the Phoenix Suns and Milwaukee Bucks prepare for Game 3 of the NBA Finals, the other 28 teams are pursuing their offseason goals. Teams like the Golden State Warriors and LA Lakers are hoping for a full recovery for their star players. Meanwhile, smaller teams like the Chicago Bulls and New Orleans Pelicans are eyeing the NBA Draft and the NBA free agency market.

Which NBA teams have the highest salary cap available?

The salary cap for the 2021-22 NBA season is projected to be $112.4 million with the luxury tax line set at $136.6 million. Teams like the Golden State Warriors and Brooklyn Nets are way over the luxury tax line and paying a hefty luxury tax bill. Whereas on the other end of the spectrum, teams like the New York Knicks and Atlanta Hawks are expected to be attractive destinations in NBA free agency.

As 2021 NBA free agency approaches, star free agents would certainly like to go to a team where they can get big deals. Not many teams are projected to have salary cap space heading into free agency and the few teams that do are going to be attractive destinations.

Naturally, these figures are fluid and subject to change. If a team waives players to create cap room or trades for new players, that reduces their cap space. We have taken Spotrac's projected practical cap space for the 2021-22 NBA season. This includes cap space with no cap holds included if the team's salary is below the cap maximum, assuming the team denies veteran club options and releases non-guaranteed players.

Let's take a look at the top five teams with the highest salary sap available heading into 2021 NBA free agency.

#5 Toronto Raptors - $23 million

Toronto Raptors

The Toronto Raptors have $101 million dedicated in salaries for the 2021-22 NBA season. Kyle Lowry's salary is expected to be off the books in the upcoming free agency and the highest guaranteed contract is Pascal Siakam at $129.9 million.

The Raptors have a projected practical cap space of $23,069,857. They also have the fourth overall pick in the 2021 NBA draft, which is considered to be a loaded draft class. They are on the come-up once again and are hoping a big free agent lands with the team in the offseason.

#4 Dallas Mavericks - $34 million

Dallas Mavericks

The Dallas Mavericks are one of the most attractive teams for upcoming free agents. Luka Doncic is a once-in-a-generation player who elevates the people around him. The Mavericks have just $90.9 million dedicated in salaries for next season and that figure won't change even after signing Luka Doncic to an extension. Rumors suggest that the front office only offered one-year deals to players in last season's NBA free agency to maintain cap space.

They have a projected practical cap space of $34,330,552. Kristaps Porzingis is expected to be traded soon, so his huge guaranteed salary might also come off the books.

#3 OKC Thunder - $37 million

OKC Thunder GM Sam Presti

The OKC Thunder are one of the NBA teams who are deep in a rebuilding phase. They have 34 total draft picks through 2027 including 18 first-rounders. Naturally, they have a lot of cap space as they have no players signed to big deals. The largest salaried player on the Thunder is Kemba Walker, who was recently traded for Al Horford.

The Thunder will be one of the teams with cap space for the next few years. They have no intention of fighting for the title in the immediate future as they aim to rebuild.

The OKC Thunder's projected practical cap space is $34,480,948 as they head into 2021 NBA free agency.

#2 San Antonio Spurs - $49 million

The San Antonio Spurs might be heading towards a complete rebuild themselves. They missed the NBA playoffs for the second straight year after making it every season since 1997. They have just four players who draw a salary of over $8 million, DeMar DeRozan, Patty Mills, Dejounte Murray, and Rudy Gay. Of these four players, three (all except Murray) are expected to be out of the team next season as they all enter NBA free agency. This reduces the salaries given out by the Spurs from $129 million this season to just $59 million next season.

The Spurs have a projected practical cap space of $48,948,260. However, it doesn't look like San Antonio is a desirable destination for free agents despite the cap room to sign big players. Especially if DeRozan departs in free agency, which he likely will, the team will no longer hold deep playoff aspirations.

#1 New York Knicks - $51 million

New York Knicks

The New York Knicks have been the NBA's laughing stock for decades. They haven't had a major championship contending roster since the 1990s and last won a title in 1973. They ended their eight-year playoff drought this season and naturally don't have any big players signed to huge contracts.

The New York Knicks have a projected practical cap space of $51,312,098. They are now finally an attractive destination for free agents. They have a young and capable roster that made the 1st round of the NBA playoffs, and an All-Star joining the team would certainly take them to one of the top spots of the Eastern Conference. The New York Knicks could control NBA free agency this season as they have the cap space to offer a large deal to any suitor looking to play at Madison Square Garden.