[Clarkmeister]

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Can someone give me a cliff notes of the salary cap rules...I'm quite confused right now and I really don't feel like reading that huge rules post.

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3 contract types.

M = Max = 25% of cap. Cap is set each year based on changes in the actual NBA cap.
C = Standard Contract. Goes up $1.0 first two years, 2.0 next two, 3.0 next two, etc. At C5 or higher (each year the number goes up 1), you may either up his salary the appropriate amount, or release to free agency and retain rights to bid on him without regard to the cap (Bird Rights)
R = Rookie. Stays same until after completion of R4 season, when you must either max him or release to free agency (you will retain bird rights).

Cap is $66.0. Each team will pay that amount regardless of their cap situation. On opening day you will also pay luxury tax equal to the amount you are over the cap. Same thing at the trade deadline. So effectively it's a double luxury tax. Team at 100 will pay $134.