San Antonio Spurs
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Their apron payroll (contracts, dead money, and unlikely incentives) is $154.8M, against a first apron of $209.0M and a second apron of $222.0M (projected).
Staying under the aprons preserves the full toolkit: the full mid-level, the bi-annual exception, and sign-and-trade flexibility. Several of those tools hard-cap a team at an apron once used, which is why the margins matter.
The rule behind this
The first apron is a spending line a few million above the luxury tax. Crossing it costs a team roster-building tools rather than just money: no acquiring players via sign-and-trade, no full mid-level exception (only the smaller taxpayer MLE), no bi-annual exception, no signing buyout players who earned more than the MLE, and trades must return salary within 110% of what goes out.
More Spurs questions
Numbers come straight from the live Spurs cap sheet, recomputed whenever the data updates.