A Joel Farabee buyout spans 8 years, has a cost of $6,416,667 and savings of $12,833,333. Farabee is 24 years of age at the time of the buyout; therefore, the buyout ratio is 1/3. With $19,250,000 in salary remaining, the cost is $6,416,667, and the savings are $12,833,333. Buyouts span twice the length of the remaining years and because there are 4 years remaining in the contract, the buyout length is 8 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 | $19,250,000 | $3,500,000 | 4 | 8 | 24 | 1/3 | $6,416,667 | $12,833,333 | $802,083 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (PHI) |
2024-25 | $3,000,000 | $5,000,000 | $2,000,000 | $802,083 | $2,802,083 | $2,197,917 | $2,802,083 |
2025-26 | $4,250,000 | $5,000,000 | $1,500,000 | $802,083 | $2,302,083 | $3,447,917 | $1,552,083 |
2026-27 | $6,000,000 | $5,000,000 | $0 | $802,083 | $802,083 | $5,197,917 | -$197,917 |
2027-28 | $6,000,000 | $5,000,000 | $0 | $802,083 | $802,083 | $5,197,917 | -$197,917 |
2028-29 | $0 | $0 | $0 | $802,083 | $802,083 | -$802,083 | $802,083 |
2029-30 | $0 | $0 | $0 | $802,083 | $802,083 | -$802,083 | $802,083 |
2030-31 | $0 | $0 | $0 | $802,083 | $802,083 | -$802,083 | $802,083 |
2031-32 | $0 | $0 | $0 | $802,083 | $802,083 | -$802,083 | $802,083 |
TOTAL | $19,250,000 | $20,000,000 | $3,500,000 | $6,416,667 | $9,916,667 | $12,833,333 | $7,166,664 |