Team Salary
With respect to a Salary Cap year, which runs from July 1st through June 30th of the following year, it is the sum of all salaries attributable to a team's active and former players, plus all the "placeholders" discussed above.

Veteran Free Agent A veteran who has completed his player contract. Also know as a "free" free agent. Damon Stoudamire and Shareef Abdur-Rahim are currently veteran free agents.

Restricted Free Agent A veteran free agent who is subject to a team's Right of First Refusal.
Example: Zach Randolph would have been a restricted free agent if the Trail Blazers had not resigned him prior to last season.

Qualifying Offer An offer of a player contract for a period of one year and provides (a) for a first round draft pick, the salary set forth in the Collective Bargaining Agreement and (b) for all other players subject to the Right of First Refusal, the greater of 125% of the player's last salary or the sum of the minimum annual salary plus $150,000.

Qualifying Veteran Free Agent A veteran free agent who played under one or more contracts covering all of part of the three preceding seasons, and either played exclusively for his prior team or changed teams only by being traded.
Example: Damon and Shareef both fit this definition. Damon, by having played for the Trail Blazers for more than the past three seasons, while Shareef came to Portland in a trade with Atlanta after having played several seasons with the Hawks.

Early Qualify Veteran Free Agent A veteran free agent who, prior to becoming a veteran free agent, played under one or more player contracts covering some or all of two seasons, and either played exclusively for his "prior" team, or if he played for more than one team during such period, he changed teams only by be traded. Also known as an "Early Bird" player.
Example: Joel Przybilla fits this category. Trying to find another back-up center last summer, the Trail Blazers signed Joel to a two-year deal. Based upon his first four years in the League, no one expected him to blossom like he did.

Non-Qualifying Veteran Free Agent A veteran free agent who is not a qualifying veteran free agent or an early qualifying veteran free agent.
Example: Richie Frahm, who signed a one-year deal with the Seattle SuperSonics in 2003-04. After being taken by the Charlotte Bobcats in the expansion draft and subsequently released, he was signed to a one-year deal by the Trail Blazers prior to summer league. Since he has only completed two one-year contracts, Frahm is a non-qualifying veteran free agent.

Salary Cap 101