CLEVELAND, Ohio - The five-year contract Kevin Love signs with the Cavaliers Thursday will cost the team about $3 million more than first thought.

The NBA set the salary cap for the 2015-16 season on Wednesday at a record-high $70 million, which went into effect at 12:01 a.m. Thursday when the moratorium on free-agent signings ended.

The $70 million figure is roughly $3 million higher than what was previously estimated for the salary cap, and maximum contracts are based on percentages of the cap depending on how many years of service a player has accumulated.

In English, that means Love, who has played seven seasons and agreed in principle last week to a five-year, $110 million max contract with the Cavs, now stands to make $113.2 million over the life of the contract. His salary for next season will be $19.69 million.

Kyrie Irving, who signed a five-year extension last summer that kicked into effect on July 1, gets an increase of about $4 million - from $90 million to $94.3 million - because of the new salary cap, including a $900,000 raise next season.

Irving is recovering from knee surgery because of a broken kneecap suffered in the Finals; Love from shoulder surgery following a severe dislocation in the first round of the playoffs back in April.

LeBron James remains a free agent, but intends to re-sign with the Cavs on a one-year contract with a player's option. His salary for next season will be $22.97 million, up from an estimated $21.9 million. He's waiting to sign until the team inks Tristan Thompson -- who is represented by James' agent, Rich Paul -- to a long-term contract.

Thompson could make at least $11 million more next season than he did in 2014-15.

Early estimates for the salary cap in 2016-17 hover around $90 million, and reach $108 million the following season because of new revenues from the league's nine-year, $24 billion TV deal. That TV contract -- and subsequent exploding revenues -- are why James wants to sign short-term deals; so he can maintain contract flexibility until he can maximize his earning potential by signing a long-term extension at the right time.

The NBA also raised its luxury tax threshold to $84.7 million, up from an expected $81.6 million. Teams that go over $84.7 million have to pay a tax on every dollar over the threshold they go.

The Cavs are still going to obliterate the cap and tax threshold - they already have salary commitments for next season of about $105 million (counting James and Brendan Haywood's $10.5 million contract, which they're trying to trade for a player), with a likely huge payday still to come for Thompson and a roughly $2 million raise likely for Matthew Dellavedova.

For teams over the cap but near the threshold, an increase is good news in that they may avoid paying the tax. The Cavs are not expected to save any money in luxury taxes, according to a league source.

J.R. Smith is also still a free agent whom the Cavs are considering bringing back. He opted out of his contract for next season - worth $6.4 million - on July 1.

In addition to Love, the Cavs are also expected to announce the signings Thursday of Iman Shumpert (four years, $40 million) and Mo Williams (two years, $4.3 million).