Since the clock struck 10:01pm in El Paso last night, NBA teams have been spending money like they all have American Express Black Cards. That is because the league raised its salary cap from $70 million to $92 million for the 2016-17 season. That figure will rise again the following season and is projected to hit $108 million! The massive increase is because of the NBA's new television deal. The lucky beneficiaries are players that are free agents over the next two seasons.

Here are eight free agent deals that have been announced today:
DeMar DeRozan - five years, $139 million with Toronto Raptors
Andre Drummond (restricted FA) - five years, $130 million with Detroit Pistons
Nicolas Batum - five years, $120 million with Charlotte Hornets
Hassan Whiteside - four years, $98 million with Miami Heat
Bradley Beal (restricted FA) - five years, $128 million with Washington Wizards
Evan Fournier (restricted FA) - five years, $85 million with Orlando Magic
Chandler Parsons - four years, $94.8 million with Memphis Grizzlies
Evan Turner - four years, $75 million with Portland Trailblazers

The Lakers spent $50 million on Jordan Clarkson's four year deal to stay with the team and then they gave journeyman center Timofey Masgov $64 million over another four years. The Knicks are finalizing a four year contract worth around $70 million with Joakim Noah, who averaged 4.3 points and 8.8 rebounds in only 29 games last season.

patrick smith/getty images

It is almost like NBA teams are playing Bloomingdales prices for players that should be available at Kohl's. When superstars like Kevin Durant, LeBron James, and Russell Westbrook sign their max contracts next offseason, they could each be looking at 5-6 years and $200-$240 million.