^ In addition, based also on what I’ve read online:
* Each NBA team is allowed two roster spots for two-way contract players - on top of the regular 15-man roster. The salaries of two-way contract players do not count against the team’s salary cap.
* Only players with fewer than four years of experience are eligible to be signed to two-way contracts.
* Two-way players can play up to a maximum of 50 regular season games in the NBA. In order for them to be eligible for the playoffs, their contracts need to be converted to regular contracts (subject to the 15-player roster limit). However, the NBA relaxed these rules for the past two seasons because of the pandemic.
Some notable two-way players who are now key players for their teams include Duncan Robinson and Alex Caruso.