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Does the Larry Bird exception mean that free agents can be signed and not count against the cap?

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Does the Larry Bird exception mean that free agents can be signed and not count against the cap?

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All salaries are included in team salary (and count against the cap). The Bird exception simply says a team can exceed the cap to sign certain players. The new salary applies toward the team salary just like the salaries of the team’s other players. So if a team is over the cap and uses the Bird exception to re-sign its own free agent, it will end up farther over the cap.

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