Erik Cernak buyout calculator, cap hit impact

Erik Cernak Buyout Cap Implications

Birthdate May 28, 1997

If Erik Cernak was bought out prior to the 2021-2022 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 24 years old at the buyout giving him a 33% buyout multiplier.
Under 26 = 1/3 multiplier
26+ = 2/3 multiplier

The total buyout cost would be $2,125,000
Remaining base salary
($6,375,000 * 33% buyout multiplier)
.

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

Annual buyout cost of $531,250
(Total buyout cost/4 years)

Erik Cernak projected buyout 2021-2022 season
2021-2022 2022-2023 2023-2024 2024-2025
Remaining Base Salary
$6,375,000
$1,950,000 $4,425,000 $0 $0
Original Cap Hit $2,950,000 $2,950,000 $0 $0
Contract Signing Bonus $1,000,000 $0 $0 $0
Contract Total Salary ($2,950,000) ($4,425,000) ($0) ($0)
Annual Buyout Cost $531,250 $531,250 $531,250 $531,250
ACTUAL CAP HIT Tampa Bay Lightning logo $1,531,250 $-943,750 $531,250 $531,250
Savings $1,418,750 $3,893,750 $-531,250 $-531,250

Active Contract

Signing Team
Signing Date December 22, 2020
Signing Status RFA
Agent Craig Oster
Standard Contract | 3 Years $8,850,000 3.62% of cap space
2020-2021 2021-2022 2022-2023
Cap Hit $2,950,000 $2,950,000 $2,950,000
RFA
AAV $2,950,000 $2,950,000 $2,950,000
Performance Bonuses $0 $0 $0
Base Salary $775,000 $1,950,000 $4,425,000
Signing Bonuses $700,000 $1,000,000 $0
Total Salary $1,475,000 $2,950,000 $4,425,000
Minors Salary $1,475,000 $2,950,000 $4,425,000
Clauses
UFA Year
Buy It Out Buy It Out