A J.T. Miller buyout spans 12 years, has a cost of $20,666,667 and savings of $10,333,333. Miller is 31 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $31,000,000 in salary remaining, the cost is $20,666,667, and the savings are $10,333,333. Buyouts span twice the length of the remaining years and because there are 6 years remaining in the contract, the buyout length is 12 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 | $31,000,000 | $15,500,000 | 6 | 12 | 31 | 2/3 | $20,666,667 | $10,333,333 | $1,722,222 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (VAN) |
2024-25 | $4,000,000 | $8,000,000 | $5,000,000 | $1,722,222 | $6,722,222 | $2,277,778 | $5,722,222 |
2025-26 | $4,000,000 | $8,000,000 | $5,000,000 | $1,722,222 | $6,722,222 | $2,277,778 | $5,722,222 |
2026-27 | $7,000,000 | $8,000,000 | $0 | $1,722,222 | $1,722,222 | $5,277,778 | $2,722,222 |
2027-28 | $4,500,000 | $8,000,000 | $3,000,000 | $1,722,222 | $4,722,222 | $2,777,778 | $5,222,222 |
2028-29 | $4,500,000 | $8,000,000 | $2,500,000 | $1,722,222 | $4,222,222 | $2,777,778 | $5,222,222 |
2029-30 | $7,000,000 | $8,000,000 | $0 | $1,722,222 | $1,722,222 | $5,277,778 | $2,722,222 |
2030-31 | $0 | $0 | $0 | $1,722,222 | $1,722,222 | -$1,722,222 | $1,722,222 |
2031-32 | $0 | $0 | $0 | $1,722,222 | $1,722,222 | -$1,722,222 | $1,722,222 |
2032-33 | $0 | $0 | $0 | $1,722,222 | $1,722,222 | -$1,722,222 | $1,722,222 |
2033-34 | $0 | $0 | $0 | $1,722,222 | $1,722,222 | -$1,722,222 | $1,722,222 |
2034-35 | $0 | $0 | $0 | $1,722,222 | $1,722,222 | -$1,722,222 | $1,722,222 |
2035-36 | $0 | $0 | $0 | $1,722,222 | $1,722,222 | -$1,722,222 | $1,722,222 |
TOTAL | $31,000,000 | $48,000,000 | $15,500,000 | $20,666,667 | $36,166,667 | $10,333,333 | $37,666,664 |