A Joshua Norris buyout spans 12 years, has a cost of $17,366,667 and savings of $34,733,333. Norris is 25 years of age at the time of the buyout; therefore, the buyout ratio is 1/3. With $52,100,000 in salary remaining, the cost is $17,366,667, and the savings are $34,733,333. Buyouts span twice the length of the remaining years and because there are 6 years remaining in the contract, the buyout length is 12 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 | $52,100,000 | $0 | 6 | 12 | 25 | 1/3 | $17,366,667 | $34,733,333 | $1,447,222 |
Cap Hit Calculations
SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT (OTT) |
2024-25 | $9,500,000 | $7,950,000 | $0 | $1,447,222 | $1,447,222 | $8,052,778 | -$102,778 |
2025-26 | $9,500,000 | $7,950,000 | $0 | $1,447,222 | $1,447,222 | $8,052,778 | -$102,778 |
2026-27 | $9,500,000 | $7,950,000 | $0 | $1,447,222 | $1,447,222 | $8,052,778 | -$102,778 |
2027-28 | $8,750,000 | $7,950,000 | $0 | $1,447,222 | $1,447,222 | $7,302,778 | $647,222 |
2028-29 | $7,850,000 | $7,950,000 | $0 | $1,447,222 | $1,447,222 | $6,402,778 | $1,547,222 |
2029-30 | $7,000,000 | $7,950,000 | $0 | $1,447,222 | $1,447,222 | $5,552,778 | $2,397,222 |
2030-31 | $0 | $0 | $0 | $1,447,222 | $1,447,222 | -$1,447,222 | $1,447,222 |
2031-32 | $0 | $0 | $0 | $1,447,222 | $1,447,222 | -$1,447,222 | $1,447,222 |
2032-33 | $0 | $0 | $0 | $1,447,222 | $1,447,222 | -$1,447,222 | $1,447,222 |
2033-34 | $0 | $0 | $0 | $1,447,222 | $1,447,222 | -$1,447,222 | $1,447,222 |
2034-35 | $0 | $0 | $0 | $1,447,222 | $1,447,222 | -$1,447,222 | $1,447,222 |
2035-36 | $0 | $0 | $0 | $1,447,222 | $1,447,222 | -$1,447,222 | $1,447,222 |
TOTAL | $52,100,000 | $47,700,000 | $0 | $17,366,667 | $17,366,667 | $34,733,333 | $12,966,664 |