A Joel Blomqvist buyout spans 4 years, has a cost of $535,833 and savings of $1,071,667. Blomqvist is 22 years of age at the time of the buyout; therefore, the buyout ratio is 1/3. With $1,607,500 in salary remaining, the cost is $535,833, and the savings are $1,071,667. Buyouts span twice the length of the remaining years and because there are 2 years remaining in the contract, the buyout length is 4 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 | $1,607,500 | $185,000 | 2 | 4 | 22 | 1/3 | $535,833 | $1,071,667 | $133,958 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (PIT) |
2024-25 | $775,000 | $886,667 | $92,500 | $133,958 | $226,458 | $641,042 | $245,625 |
2025-26 | $832,500 | $886,667 | $92,500 | $133,958 | $226,458 | $698,542 | $188,125 |
2026-27 | $0 | $0 | $0 | $133,958 | $133,958 | -$133,958 | $133,958 |
2027-28 | $0 | $0 | $0 | $133,958 | $133,958 | -$133,958 | $133,958 |
TOTAL | $1,607,500 | $1,773,334 | $185,000 | $535,833 | $720,833 | $1,071,667 | $701,666 |