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

#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.

.@JeffZillgitt with details on how the OKC Thunder has accumulated so many draft picks. A total of 34 picks through 2027, including 18-first rounders & 16 second-rounders https://t.co/frWApi13Yt

— Mark Medina (@MarkG_Medina) March 30, 2021

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 could have the most cap space of any team heading into NBA free agency.https://t.co/unQCxJmS0H

— FanSided NBA (@FanSidedNBA) June 9, 2021

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.