Here we go, ladies and gentlemen. The 2023 NBA free agency period is upon us. Friday, NBA teams will be able to officially talk to players regarding new deals. This is often the most exciting time in the offseason, since this is often the culmination of many rumors surrounding the free agents.

Let's look at what time does NBA free agency officially open, and which players and teams should we watch out for.

What time does NBA free agency begin?

To be clear, Friday (June 30) is just the first day that NBA teams are officially allowed to talk to players regarding contract details. The official start of the NBA free agency period is one week from now (July 6). Teams will be allowed to talk to free agents at 6 PM ET Friday.

Notable Free Agents

The biggest name in the 2023 free agency class was supposed to be James Harden. The Philadelphia 76ers guard was expected to hit the market in search of a new contract. However, Harden decided to go a different route and instead opted into his deal to wait for a trade.

Even with Harden, though, the 2023 NBA free agency class is still rife with talent. The standout player is, of course, Kyrie Irving. The eccentric point guard of the Dallas Mavericks will be a free agent, and he's expected to re-sign with the Mavs. However, this supposedly mundane story took a turn when it was announced that Irving would meet with the Phoenix Suns.

The other big name in free agency to watch is Draymond Green. The Golden State Warriors veteran is seeking a new lucrative deal, one that the Dubs might not be able to give him. Green is already gaining interest from several teams, and for good reason.

Other notable names to watch in NBA free agency are Milwaukee Bucks forward Khris Middleton, Toronto Raptors point guard Fred VanVleet, Bucks center Brook Lopez, and Washington Wizards forward Kyle Kuzma.

The restricted free agent market is also fascinating to monitor. Teams are able to match the initial offer by rival teams, posing an interesting conundrum for the player and the team itself. Notable RFAs include Lakers guard Austin Reaves, forward Rui Hachimura, and Nets forward Cam Johnson.

Salary Cap Situation

Only seven teams in the NBA have cap space to work with in the NBA free agency market, with the cap set $136 million and the luxury tax line at $165 million. These teams are the Detroit Pistons, Houston Rockets, Indiana Pacers, Oklahoma City Thunder, Orlando Magic, San Antonio Spurs and Utah Jazz. The Rockets have the most cap space with over $60 million.

It's worth noting that the soft cap allows teams to sign players even if they're over the salary cap, though there are rules in place that make a certain salary level a hard cap depending on how a team adds players. Clauses like the mid-level exception and sign-and-trades allow teams that are strapped for space to sign players despite their salary cap situation. That's the truly fascinating thing about the NBA free agency scene: teams can swoop in with some crazy signings when they shouldn't be able to.

There are multiple exceptions in place for teams to use. The non-taxpayer mid-level exception is worth around $12.4 million for this season, while the taxpayer mid-level is worth around $5 million. The room mid-level is worth $7.7 million. The bi-annual exception is $4.5 million. Using the non-taxpayer mid-level exception or bi-annual exception triggers a hard cap at the first apron, which is at about $172 million. The second apron put in place by the new CBA is at $182 million and triggers more punitive penalties.

Free agent signings also aren't the only way teams can improve during the NBA free agency period: trades could also happen that allow teams to free up space for a signing/acquire a new player.