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A Philippe Myers buyout spans 2 years, has a cost of $1,266,667 and savings of $2,533,333. Myers is 25 years of age at the time of the buyout; therefore, the buyout ratio is 1/3. With $3,800,000 in salary remaining, the cost is $1,266,667, and the savings are $2,533,333. 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, 2022 | $3,800,000 | $0 | 1 | 2 | 25 | 1/3 | $1,266,667 | $2,533,333 | $633,334 |
| SEASON | INITIAL BASE SALARY | INITIAL CAP HIT | SIGNING BONUS | BUYOUT COST | POST-BUYOUT EARNINGS | SAVINGS | CAP HIT ( TBL) |
| 2022-23 | $3,800,000 | $2,550,000 | $0 | $633,334 | $633,334 | $3,166,666 | -$616,666 |
| 2023-24 | $0 | $0 | $0 | $633,334 | $633,334 | -$633,334 | $633,334 |
| TOTAL | $3,800,000 | $2,550,000 | $0 | $1,266,667 | $1,266,667 | $2,533,333 | $16,668 |
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