A Jordan Binnington buyout spans 6 years, has a cost of $12,333,333 and savings of $6,166,667. Binnington is 30 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $18,500,000 in salary remaining, the cost is $12,333,333, and the savings are $6,166,667. Buyouts span twice the length of the remaining years and because there are 3 years remaining in the contract, the buyout length is 6 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 | $18,500,000 | $0 | 3 | 6 | 30 | 2/3 | $12,333,333 | $6,166,667 | $2,055,556 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (STL) |
2024-25 | $7,500,000 | $6,000,000 | $0 | $2,055,556 | $2,055,556 | $5,444,444 | $555,556 |
2025-26 | $6,500,000 | $6,000,000 | $0 | $2,055,556 | $2,055,556 | $4,444,444 | $1,555,556 |
2026-27 | $4,500,000 | $6,000,000 | $0 | $2,055,556 | $2,055,556 | $2,444,444 | $3,555,556 |
2027-28 | $0 | $0 | $0 | $2,055,556 | $2,055,556 | -$2,055,556 | $2,055,556 |
2028-29 | $0 | $0 | $0 | $2,055,556 | $2,055,556 | -$2,055,556 | $2,055,556 |
2029-30 | $0 | $0 | $0 | $2,055,556 | $2,055,556 | -$2,055,556 | $2,055,556 |
TOTAL | $18,500,000 | $18,000,000 | $0 | $12,333,333 | $12,333,333 | $6,166,667 | $11,833,336 |