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.
Alexander Steen is 29 years old on the buyout date of June 18, 2013, setting the buyout ratio at 2/3 and the total buyout cost at $2,377,777 spread over 2 years. His contract was originally valued at $13,450,000 beginning in 2010 and ending in 2014, with $3,566,666 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.
|SEASON||SALARY||CAP HIT||BUYOUT||SAVINGS||BUYOUT CAP HIT|
TEXT CAP HIT BREAKDOWN (for copying and pasting)
Alexander Steen buyout from CapGeek.com
- 2013-14: $984,722
- 2014-15: $1,188,889