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A Colin Miller buyout spans 2 years, has a cost of $1,133,333 and savings of $566,667. Miller is 30 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $1,700,000 in salary remaining, the cost is $1,133,333, and the savings are $566,667. Buyouts span twice the length of the remaining years and because there is 1 year remaining in the contract, the buyout length is 2 years. The buyout cap hit is displayed in the Cap Hit Calculations table below.
| BUYOUT DATE | BASE SALARY REMAINING | S.BONUS REMAINING | YEARS REMAINING | BUYOUT LENGTH | AGE | BUYOUT RATIO | TOTAL COST | TOTAL SAVINGS | ANNUAL COST |
|---|---|---|---|---|---|---|---|---|---|
| Jun. 15, 2023 | $1,700,000 | $0 | 1 | 2 | 30 | 2/3 | $1,133,333 | $566,667 | $566,667 |
| SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT ( DAL) |
| 2023-24 | $1,700,000 | $1,850,000 | $0 | $566,667 | $566,667 | $1,133,333 | $716,667 |
| 2024-25 | $0 | $0 | $0 | $566,667 | $566,667 | -$566,667 | $566,667 |
| TOTAL | $1,700,000 | $1,850,000 | $0 | $1,133,333 | $1,133,333 | $566,667 | $1,283,334 |
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