A Casey Cizikas buyout spans 6 years, has a cost of $5,000,000 and savings of $2,500,000. Cizikas is 33 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $7,500,000 in salary remaining, the cost is $5,000,000, and the savings are $2,500,000. 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 | $7,500,000 | $0 | 3 | 6 | 33 | 2/3 | $5,000,000 | $2,500,000 | $833,333 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (NYI) |
2024-25 | $2,500,000 | $2,500,000 | $0 | $833,333 | $833,333 | $1,666,667 | $833,333 |
2025-26 | $2,500,000 | $2,500,000 | $0 | $833,333 | $833,333 | $1,666,667 | $833,333 |
2026-27 | $2,500,000 | $2,500,000 | $0 | $833,333 | $833,333 | $1,666,667 | $833,333 |
2027-28 | $0 | $0 | $0 | $833,333 | $833,333 | -$833,333 | $833,333 |
2028-29 | $0 | $0 | $0 | $833,333 | $833,333 | -$833,333 | $833,333 |
2029-30 | $0 | $0 | $0 | $833,333 | $833,333 | -$833,333 | $833,333 |
TOTAL | $7,500,000 | $7,500,000 | $0 | $5,000,000 | $5,000,000 | $2,500,000 | $4,999,998 |