July1st and Jan 1st sound familiar but just wanted to know for sure. Thanks
The answer is....both....depending on the circumstances....
If a player is on a long-term contract (2 or more years) the team cannot begin negotiating an extension until July 1st of the last year of the contract.
If a player is signed to a 1-year deal a contract extension cannot be negotiated until January 1st. This is to prevent a GM from signing a player to 2 simultaneous contracts with different cap hits (i.e. 1 year deal at $2 million and a 5 year extension at $5 million/year).