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A Mike Hardman buyout spans 2 years, has a cost of $283,333 and savings of $566,667. Hardman is 24 years of age at the time of the buyout; therefore, the buyout ratio is 1/3. With $850,000 in salary remaining, the cost is $283,333, and the savings are $566,667. Buyouts span twice the length of the remaining years and because there is 1 year remaining in the contract, the buyout length is 2 years. The buyout cap hit is displayed in the Cap Hit Calculations table below.
| BUYOUT DATE | BASE SALARY REMAINING | S.BONUS REMAINING | YEARS REMAINING | BUYOUT LENGTH | AGE | BUYOUT RATIO | TOTAL COST | TOTAL SAVINGS | ANNUAL COST |
|---|---|---|---|---|---|---|---|---|---|
| Jun. 15, 2023 | $850,000 | $0 | 1 | 2 | 24 | 1/3 | $283,333 | $566,667 | $141,667 |
| SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT ( CHI) |
| 2023-24 | $850,000 | $800,000 | $0 | $141,667 | $141,667 | $708,333 | $91,667 |
| 2024-25 | $0 | $0 | $0 | $141,667 | $141,667 | -$141,667 | $141,667 |
| TOTAL | $850,000 | $800,000 | $0 | $283,333 | $283,333 | $566,667 | $233,334 |
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