Well, look who it is..
Hey look, it's the July Moratorium!
Take it away, Larry Coon:
101. What is the July Moratorium?
It is a period during the month of July in which teams may not sign most free agents or make trades. Free agents become free on July 1, but the salary cap is not set until the league's audit is completed later in the month. Teams and players must wait for the salary cap to be set before trades and most free agent signings can commence. Teams may negotiate with free agents beginning July 1, but they have to wait until the moratorium ends before signing a contract.
Season Moratorium Players may be signed 2012-13 July 1-10, 2012 July 11, 2012
There are a few types of signings that are allowed to take place during the July Moratorium. Generally, these are the signings that do not depend in any way on the specific value of the salary cap:
- Teams may sign their first round draft picks (to a standard rookie "scale" contract -- see question number 48)
- A second round draft pick can accept a required tender, which is a one-year contract offer teams must submit to retain their rights to the player.
- A restricted free agent can accept a qualifying offer from his prior team (see question number 43).
- A restricted free agent finishing the fourth season of his rookie "scale" contract can accept a maximum qualifying offer. The player will receive the maximum salary, but the actual amount is not determined until the end of the moratorium (see question number 43).
- Teams may sign players to minimum salary contracts for one or two seasons.
All other signings must wait until the moratorium ends.
So who wants Aaron Gray?*
*Not a rhetorical question, because I most definitely do.