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A Mike Hoffman buyout spans 2 years, has a cost of $3,333,333 and savings of $1,666,667. Hoffman is 33 years of age at the time of the buyout; therefore, the buyout ratio is 2/3. With $5,000,000 in salary remaining, the cost is $3,333,333, and the savings are $1,666,667. 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 | $5,000,000 | $0 | 1 | 2 | 33 | 2/3 | $3,333,333 | $1,666,667 | $1,666,667 |
| SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT ( MTL) |
| 2023-24 | $5,000,000 | $4,500,000 | $0 | $1,666,667 | $1,666,667 | $3,333,333 | $1,166,667 |
| 2024-25 | $0 | $0 | $0 | $1,666,667 | $1,666,667 | -$1,666,667 | $1,666,667 |
| TOTAL | $5,000,000 | $4,500,000 | $0 | $3,333,333 | $3,333,333 | $1,666,667 | $2,833,334 |
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