A Matthew Benning buyout spans 4 years, has a cost of $1,666,667 and savings of $833,333. Benning is 30 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $2,500,000 in salary remaining, the cost is $1,666,667, and the savings are $833,333. Buyouts span twice the length of the remaining years and because there are 2 years remaining in the contract, the buyout length is 4 years. The buyout cap hit is displayed in the Cap Hit Calculations table below.
Cost Calculations
BUYOUT DATE | BASE SALARY REMAINING | S.BONUS REMAINING | YEARS REMAINING | BUYOUT LENGTH | AGE | BUYOUT RATIO | TOTAL COST | TOTAL SAVINGS | ANNUAL COST |
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Jun. 15, 2024 | $2,500,000 | $0 | 2 | 4 | 30 | 2/3 | $1,666,667 | $833,333 | $416,667 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (SJS) |
2024-25 | $1,250,000 | $1,250,000 | $0 | $416,667 | $416,667 | $833,333 | $416,667 |
2025-26 | $1,250,000 | $1,250,000 | $0 | $416,667 | $416,667 | $833,333 | $416,667 |
2026-27 | $0 | $0 | $0 | $416,667 | $416,667 | -$416,667 | $416,667 |
2027-28 | $0 | $0 | $0 | $416,667 | $416,667 | -$416,667 | $416,667 |
TOTAL | $2,500,000 | $2,500,000 | $0 | $1,666,667 | $1,666,667 | $833,333 | $1,666,668 |