A Jeff Skinner buyout spans 6 years, has a cost of $14,666,667 and savings of $7,333,333. Skinner is 32 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $22,000,000 in salary remaining, the cost is $14,666,667, and the savings are $7,333,333. 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 |
---|
Jun. 15, 2024 | $22,000,000 | $0 | 3 | 6 | 32 | 2/3 | $14,666,667 | $7,333,333 | $2,444,445 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (BUF) |
2024-25 | $10,000,000 | $9,000,000 | $0 | $2,444,445 | $2,444,445 | $7,555,555 | $1,444,445 |
2025-26 | $7,000,000 | $9,000,000 | $0 | $2,444,445 | $2,444,445 | $4,555,555 | $4,444,445 |
2026-27 | $5,000,000 | $9,000,000 | $0 | $2,444,445 | $2,444,445 | $2,555,555 | $6,444,445 |
2027-28 | $0 | $0 | $0 | $2,444,445 | $2,444,445 | -$2,444,445 | $2,444,445 |
2028-29 | $0 | $0 | $0 | $2,444,445 | $2,444,445 | -$2,444,445 | $2,444,445 |
2029-30 | $0 | $0 | $0 | $2,444,445 | $2,444,445 | -$2,444,445 | $2,444,445 |
TOTAL | $22,000,000 | $27,000,000 | $0 | $14,666,667 | $14,666,667 | $7,333,333 | $19,666,670 |