A Garnet Hathaway buyout spans 2 years, has a cost of $1,366,667 and savings of $683,333. Hathaway is 32 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $2,050,000 in salary remaining, the cost is $1,366,667, and the savings are $683,333. 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.
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 | $2,050,000 | $0 | 1 | 2 | 32 | 2/3 | $1,366,667 | $683,333 | $683,334 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (PHI) |
2024-25 | $2,050,000 | $2,375,000 | $0 | $683,334 | $683,334 | $1,366,666 | $1,008,334 |
2025-26 | $0 | $0 | $0 | $683,334 | $683,334 | -$683,334 | $683,334 |
TOTAL | $2,050,000 | $2,375,000 | $0 | $1,366,667 | $1,366,667 | $683,333 | $1,691,668 |