The NBA free agency period starts July 1st, and as that date approaches I’ll preview this year’s free agent class in more detail. But for now, I’d like to take a look at which teams have the cap flexibility to be major players in free agency this summer. (Mind you, just because a team has cap space, it doesn’t necessarily mean that they’ll use it. Just sayin’.)

Not familiar with the NBA salary cap? Here’s a quick primer…

1. The cap for the 2008-09 season was $58.7 million. The general consensus is that the cap will stay flat or decrease slightly. We’ll assume it sticks at $58.7 million.

2. If a team is over the cap, the only free agents they can sign are their own, unless they elect to sign a player to the mid-level exception (~$5.8 million per season), the bi-annual exception (~$2.0) or to a minimum contract. (The bi-annual exception may not be used in two consecutive years.)

3. If a team is under the cap, they can sign any free agent they want as long as they do not exceed the cap. They can also take on salary via trade up to the cap, so a team like the Grizzlies (with almost $20 million in cap space) could conceivably trade their first round pick to the Suns for Amare Stoudemire or to the Raptors for Chris Bosh.

Here’s a list of the bigger names in the free agent pool this summer:

Unrestricted: Carlos Boozer, Ben Gordon, Ron Artest, Lamar Odom, Andre Miller, Shawn Marion, Jason Kidd, Hedo Turkoglu, Allen Iverson, Mehmet Okur, Rasheed Wallace, Mike Bibby, Anderson Varejao, Grant Hill, Kyle Korver, Trevor Ariza, Brandon Bass, Chris Andersen, Zaza Pachulia, Chris Wilcox and Drew Gooden

Restricted: David Lee, Paul Millsap, Ray Felton, Josh Childress*, Marvin Williams, Glen Davis, Ramon Sessions, Charlie Villanueva, Nate Robinson, Leon Powe, Hakim Warrick, Linas Kleiza, Jarrett Jack and Shannon Brown

* It appears that if Childress does return to the NBA, the Hawks still hold his rights, so he would be a restricted free agent.

There are eight teams that project to have more than $5.8 million (the value of the mid-level exception) in cap space this summer:

Memphis Grizzlies
Projected Cap Space: $19.7 million
Memphis has been reluctant to spend for several years now and is probably one of the franchises that’s struggling the most in the current economy. I lived in Memphis for three years, and given its small size and overall lack of wealth, I always thought that it would struggle to support a professional sports team. With a core of Rudy Gay, O.J. Mayo and Marc Gasol, the Grizzlies have to feel pretty good about what they have at off guard, small forward and center. The big decision this summer is what to do with restricted free agent Hakim Warrick. When dealing with bad teams, numbers can be deceptive, because no matter what, somebody has to score and rebound, right? Warrick’s PER (16.91) is #24 amongst power forwards, so ideally he’d be coming off the bench for a playoff team. The Grizzlies projected cap space assumes they make the qualifying offer to Warrick ($3.0 million). Memphis is one of those teams that could really use the services of a Carlos Boozer, David Lee or Paul Millsap, but in this economy, are the Grizzlies willing to make that kind of a commitment? They could try to make a run at Chris Bosh or Amare Stoudemire next summer, but the odds are long that either guy would want to play for the Grizzlies.

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With the Mavericks’ 106-93 Game 5 win in San Antonio, it is the first time that Tim Duncan has lost a first round series. Tony Parker shot 55% from the field, and averaged 28.6 points, 6.8 assists and 4.2 rebounds per game. Battling sore knees, Duncan still shot 53% from the field, averaging 19.8 points and 8.0 rebounds. Normally, those kinds of numbers from the Spurs’ top two players would result in a series win. What happened?

1. No supporting cast.
Manu Ginobili was out. Duh. But the rest of the Spurs failed to step up in his absence. Parker and Duncan combined to shoot 100 of 185 (54%) in the series, which means everyone not named Tim or Tony combined to make just 75 of their 198 attempts (38%). Roger Mason shot 42% from long range during the season, but made just 37% in the series. The midseason addition of Drew Gooden was a bust; he averaged just 7.3 points and 3.8 rebounds, and shot 33% from the field. Without Ginobili, there wasn’t a third scorer to take the pressure off of Parker and Duncan.

2. Mediocre defense.
The Mavs averaged 96.4 points per game, shot better than 46% from the field and better than 38% from long range during the series. Now those numbers are by no means eye-popping, but they are very un-Spurs-like. San Antonio just couldn’t get the consistent stops it needed to make up for its overall lack of scoring. Josh Howard and Dirk Nowitzki were both stellar, while J.J. Barea and Brandon Bass played great off the bench when Dallas needed it.

The Spurs head into the summer with zero cap space, but with the fiscal state of the league, they’ll have a good opportunity to add a quality player at the mid-level exception, assuming they want to spend the money. My guess is that they will, given that Tim Duncan’s championship window continues to get smaller and smaller. The team is fine in the backcourt, with Parker, Ginobili, Mason and George Hill. They need help on the wing and in the frontcourt, so the priority will likely be a big man. Rasheed Wallace’s name has been floated, but Zaza Pachulia, Anderson Varejao, Brandon Bass, Chris Andersen and Antonio McDyess are cheaper options.

When I saw the headline — “‘09 free agents may be better than ‘10 class” — I was ready to jump all over David Aldridge for saying that any free agent class could be better than the one that will likely feature LeBron James, Dwyane Wade, Chris Bosh and Amare Stoudemire. But as I read the full article, he made some sense. I still don’t agree with him, but I see his point.

Here’s a look at the possible free agents in ‘09:

Those with asterisks either have options for ‘09 or can terminate existing contracts for ‘09, and many are expected to do one or the other, for one reason or another:

Kobe Bryant*, Carlos Boozer, Shawn Marion, Ron Artest, Lamar Odom, Hedo Turkoglu*, Mehmet Okur*, Andre Miller, Mike Bibby, Jason Kidd, Allen Iverson, Rasheed Wallace, Kyle Korver*, Anderson Varejao*, Drew Gooden, Stephon Marbury, Grant Hill, Brandon Bass, Joe Smith, Wally Szczerbiak, Zaza Pachulia and Anthony Parker. Jermaine O’Neal could join the group if he walks away from $23 million next season. (Don’t hold your breath. There’s no asterisk by Boozer because he’s already said he’s opting out next summer.)

Aldridge has four major arguments:

1. 2010 is fool’s gold.

It doesn’t take a rocket scientist to figure out that unless seismic changes take place, James is either going to stay in Cleveland in 2010 or go to New York. Maybe Los Angeles. Wade will almost certainly choose between Miami, New York, L.A. and Chicago. Bosh will choose between the preceding cities and, perhaps, Detroit. And that’s it.

Without the Big Three on the market for most NBA cities, the ‘10 class loses a good bit of its luster. That’s going to leave a lot of teams with max money to spend on mostly not-max players.