NEW YORK -- The NBA told its teams Friday that it still expects to see a significant jump in the salary cap and tax level in the 2023-24 season.

Based on current projections, both figures -- $134 million for the salary cap, $162 million as the tax level -- would set records, and both are $1 million higher than the league's most recent projections made in June. The figures represent the cap rising 8.4% and the tax level 7.8% over the 2022-23 season.

The 2022-23 season has a salary cap of $123.655 million and a tax level of $150.267 million.

Also Friday, the league told teams that total luxury tax payments for the coming season would be around $660 million, half of which would fund revenue sharing and the other half distributed in equal shares -- about $17 million each -- to teams not currently projected to have to pay the tax.

But that tax number can, and almost certainly will, fluctuate wildly before a final calculation is made at the end of the regular season.

Training camps in the NBA begin later this month, with the regular season starting Oct. 18.