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You're right about the away games portion, but it really is a huge advantage. Remember Dwight Howard? Get got paid 40M less in gross between Houston and LA and still netted out more money.
Its actually something that the owners complain about all the time that the Texas and Florida teams have unfair advantages in Free Agency. Texas and Florida teams have to use less of their cap to give players value comparable to other teams from a net income standpoint
http://www.forbes.com/sites/robertw...t-howard-rockets-smaller-dollars-beat-lakers/
Washington has no state income tax either. Seattle would be a desirable free agent destination...you know, if there was a team there.