Damon Severson buyout calculator, cap hit impact

Damon Severson Buyout Cap Implications

Birthdate August 7, 1994

If Damon Severson was bought out prior to the 2022-2023 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 would be 27 years old at the buyout giving him a 67% buyout multiplier.
Under 26 = 1/3 multiplier
26+ = 2/3 multiplier

The total buyout cost would be $3,400,000
Remaining base salary
($5,100,000 * 67% buyout multiplier)
.

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

Annual buyout cost of $1,700,000
(Total buyout cost/2 years)

Damon Severson projected buyout 2022-2023 season
2022-2023 2023-2024
Remaining Base Salary
$5,100,000
$5,100,000 $0
Original Cap Hit $4,166,666 $0
Contract Signing Bonus $0 $0
Contract Total Salary ($5,100,000) ($0)
Annual Buyout Cost $1,700,000 $1,700,000
ACTUAL CAP HIT New Jersey Devils logo $766,666 $1,700,000
Savings $3,400,000 $-1,700,000

Active Contract

Signing Team New Jersey Devils logo
Signing Date September 11, 2017
Signing Status RFA
Agent Jason Davidson
Standard Contract | 6 Years $25,000,000 5.11% of cap space
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
Cap Hit $4,166,666 $4,166,666 $4,166,666 $4,166,666 $4,166,666 $4,166,666
UFA
AAV $4,166,666 $4,166,666 $4,166,666 $4,166,666 $4,166,666 $4,166,666
Performance Bonuses $0 $0 $0 $0 $0 $0
Base Salary $2,500,000 $3,000,000 $4,675,000 $4,675,000 $5,050,000 $5,100,000
Signing Bonuses $0 $0 $0 $0 $0 $0
Total Salary $2,500,000 $3,000,000 $4,675,000 $4,675,000 $5,050,000 $5,100,000
Minors Salary $2,500,000 $3,000,000 $4,675,000 $4,675,000 $5,050,000 $5,100,000
Clauses
UFA Year
Buy It Out Buy It Out