A Jake McCabe buyout spans 2 years, has a cost of $3,333,333 and savings of $1,666,667. McCabe is 30 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $5,000,000 in salary remaining, the cost is $3,333,333, and the savings are $1,666,667. 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.
Retained Salary
This contract was involved in a retained salary transaction. The resulting costs and cap hit are therefore split between each team based on the percentage of salary retained by the respective teams.
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 | $5,000,000 | $0 | 1 | 2 | 30 | 2/3 | $3,333,333 | $1,666,667 | $1,666,667 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (TOR) | CAP HIT (CHI) |
2024-25 | $5,000,000 | $4,000,000 | $0 | $1,666,667 | $1,666,667 | $3,333,333 | $333,334 | $333,334 |
2025-26 | $0 | $0 | $0 | $1,666,667 | $1,666,667 | -$1,666,667 | $833,334 | $833,334 |
TOTAL | $5,000,000 | $4,000,000 | $0 | $3,333,333 | $3,333,333 | $1,666,667 | $1,166,668 (50%) | $1,166,668 (50%) |