In response to stories that the FBI is investigating an NBA referee (Tim Donaghy) who bet on games he officiated, Commissioner David Stern discussed the gambling scandal with the media in a press conference earlier this morning. Watch Video

NBA Commissioner David Stern has issued the following statement:

“As we previously stated, we have been cooperating with the FBI in their investigation of allegations that a single NBA referee bet on NBA games that he officiated. As part of that cooperation, we were asked by the Government not to comment about the investigation, but in light of the widespread press coverage and the naming of the referee, Tim Donaghy, we consider it appropriate to make a fuller statement.

“We would like to assure our fans that no amount of effort, time or personnel is being spared to assist in this investigation, to bring to justice an individual who has betrayed the most sacred trust in professional sports, and to take the necessary steps to protect against this ever happening again. We will have more to say at a press conference that will be scheduled for next week.”

The National Basketball Association today announced that the Salary Cap for the 2007-08 season will be $55.630 million. The new Cap goes into effect at 12:01 a.m. ET on Wednesday, July 11, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades. More…

CAUTION: Please take the time to read this easy-to-read breakdown of the Collective Bargaining Agreement before discussing trade/FA scenarios. It will help keep flaming to a minimum…

I know, I know. Look, (as everyone knows) I’m not the biggest (or smallest) Cavs fan, but you have to take your hats off to the 2007 Eastern Conference Champions.

I’m still sticking to my (gut) feelings regarding a Washington-Cleveland series, but you have to applaud their accomplishments.

Looking forward to an entertaining and fresh NBA Finals this year.

I hate admitting this, but LeBron James (who probably isn’t the most popular player to fans who read this blog) turned in one of those performances people will talk about for years decades in Game 5 of the 2007 Eastern Conference Finals.

James scored the Cavs final 25 points through the fourth period and two overtimes to (literally) lead CLE to a two point 2OT win in Detroit. If you have a TiVo/DVR, check the replay schedules on NBATV. If you don’t have NBATV, it actually might be worth three bucks to download.

For what it’s worth, I still think the Wizards at full strength are better than Cleveland. I’m sure that sentiment is strong to the readers here and Washington fans alike. Especially since that’s what most of the players were saying in post season interviews last month.

Grrrrr….I can’t wait til April/May 2008. This won’t be righted in November, December, January. At this point, it’s all about the Playoffs.

But, give credit where credit is due. LBJ was definitely King Thursday night in Detroit. What do you guys think - this series is playing out just like last spring’s DET-CLE match-up where CLE dropped a 3-2 lead (including Game 6 at home) and succumbed to the Pistons in Game 7. Do you see de ja vu in the making or will there be a new Beast of the East crowned this year?

I usually like to steer clear of what’s going on with other teams, but this one’s tough to ignore…

“At this point I’ll go play on Pluto.”

He said it, not me.

EDIT: TrueHoops reports that Kobe has told ESPN’s Greg Anthony that he may stay in LA (rather than head to what used to be a planet) as long as LA terminates the unknown Laker “insider”, who’s recent quotes in the LA Times infuriated Mamba. Another update….. It’s too bad there’s not another reference to a planet in it…