Cory Schneider buyout calculator, cap hit impact

Cory Schneider Buyout Cap Implications

Birthdate March 18, 1986

Cory Schneider was bought by New Jersey Devils logo out prior to the 2020-2021 season.

The annual cap hit of a buyout is calculated year by year as follows:

  • Add together the Original Cap Hit and the Contract Signing Bonus for that year
  • Subtract the Contract Total Salary for that year (base salary + signing bonus).
  • Finally, add the Annual Buyout Cost as calculated below.

He was 34 years old at the buyout giving him a 67% buyout multiplier.
Under 26 = 1/3 multiplier
26+ = 2/3 multiplier

The total buyout cost was $8,000,000
Remaining base salary
($12,000,000 * 67% buyout multiplier)
.

2 years left in contract.
Buyout applied over 4 years
(2x years remaining on contract)

Annual buyout cost of $2,000,000
(Total buyout cost/4 years)

Cory Schneider buyout details 2020-2021 season
2020-2021 2021-2022 2022-2023 2023-2024
Remaining Base Salary
$12,000,000
$6,000,000 $6,000,000 $0 $0
Original Cap Hit $6,000,000 $6,000,000 $0 $0
Contract Signing Bonus $0 $0 $0 $0
Contract Total Salary ($6,000,000) ($6,000,000) ($0) ($0)
Annual Buyout Cost $2,000,000 $2,000,000 $2,000,000 $2,000,000
ACTUAL CAP HIT New Jersey Devils logo $2,000,000 $2,000,000 $2,000,000 $2,000,000
Savings $4,000,000 $4,000,000 $-2,000,000 $-2,000,000

Active Contract

Signing Team
Signing Date October 12, 2020
Signing Status UFA
Agent Michael Liut
Standard Contract | 1 Years $700,000 0.86% of cap space
2020-2021
Cap Hit $700,000
UFA
AAV $700,000
Performance Bonuses $0
Base Salary $700,000
Signing Bonuses $0
Total Salary $700,000
Minors Salary $700,000
Clauses
UFA Year
Buy It Out