Teams have the ability to buy out contracts at a reduced cap hit from June 15 to 30 each year. They are also allowed two compliance buyouts in June 2013 and June 2014 that cost the team actual cash but have no salary cap consequences. CapGeek.com's buyout calculator simplifies the complicated formula by determining the actual salary and cap costs of these buyouts with a few clicks.
Scott Gomez is 33 years old on the buyout date of June 15, 2013, setting the buyout ratio at 2/3 and the total buyout cost at $600,000 spread over 2 years. His contract was originally valued at $900,000 beginning in 2013 and ending in 2014, with $900,000 remaining from the buyout year forward. The following is a season-by-season breakdown of the buyout. A negative buyout cap hit indicates a credit.
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TEXT CAP HIT BREAKDOWN (for copying and pasting)
Scott Gomez buyout from CapGeek.com
- 2013-14: $300,000
- 2014-15: $300,000