Did the loop hole gets close?

I remember the NBA used to have a salary cap loophole. Sign a player
for one year at the league's minimum, and then after one year he's
eligible for the maximum contract because he's already a member of
your team. The Knicks did this with Chris Dudley is the 90s, got him
for the minimum for one year and then sign him to a lucrative new
contract the following year.

I haven't seen any team does this much, the loop hole got closed?

Doctor Chen wrote:
>
> I remember the NBA used to have a salary cap loophole. Sign a player
> for one year at the league's minimum, and then after one year he's
> eligible for the maximum contract because he's already a member of
> your team. The Knicks did this with Chris Dudley is the 90s, got him
> for the minimum for one year and then sign him to a lucrative new
> contract the following year.
>
> I haven't seen any team does this much, the loop hole got closed?
>

Yes, that loophole is closed. The exception that allows teams to re-sign
their own players even if the team is over the cap is known as the Larry
Bird exception. A player only has Larry Bird rights if they haven't been
waived or changed teams as a free agent for 3 years (a traded player
retains his Bird rights).

http://members.cox.net/lmcoon/salarycap.htm#25

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