A Joshua Morrissey buyout spans 8 years, has a cost of $13,866,667 and savings of $6,933,333. Morrissey is 29 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $20,800,000 in salary remaining, the cost is $13,866,667, and the savings are $6,933,333. 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 |
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Jun. 15, 2024 | $20,800,000 | $0 | 4 | 8 | 29 | 2/3 | $13,866,667 | $6,933,333 | $1,733,333 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (WPG) |
2024-25 | $6,400,000 | $6,250,000 | $0 | $1,733,333 | $1,733,333 | $4,666,667 | $1,583,333 |
2025-26 | $4,800,000 | $6,250,000 | $0 | $1,733,333 | $1,733,333 | $3,066,667 | $3,183,333 |
2026-27 | $4,800,000 | $6,250,000 | $0 | $1,733,333 | $1,733,333 | $3,066,667 | $3,183,333 |
2027-28 | $4,800,000 | $6,250,000 | $0 | $1,733,333 | $1,733,333 | $3,066,667 | $3,183,333 |
2028-29 | $0 | $0 | $0 | $1,733,333 | $1,733,333 | -$1,733,333 | $1,733,333 |
2029-30 | $0 | $0 | $0 | $1,733,333 | $1,733,333 | -$1,733,333 | $1,733,333 |
2030-31 | $0 | $0 | $0 | $1,733,333 | $1,733,333 | -$1,733,333 | $1,733,333 |
2031-32 | $0 | $0 | $0 | $1,733,333 | $1,733,333 | -$1,733,333 | $1,733,333 |
TOTAL | $20,800,000 | $25,000,000 | $0 | $13,866,667 | $13,866,667 | $6,933,333 | $18,066,664 |