Joel Farabee buyout calculator, cap hit impact

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Joel Farabee Buyout Cap Implications

Birthdate February 25, 2000

If Joel Farabee was bought out prior to the 2023-2024 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 23 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 $7,166,667
Remaining base salary
($21,500,000 * 33% buyout multiplier)
.

5 years left in contract.
Buyout applied over 10 years
(2x years remaining on contract)

Annual buyout cost of $716,667
(Total buyout cost/10 years)

Joel Farabee projected buyout 2023-2024 season
2023-2024 2024-2025 2025-2026 2026-2027 2027-2028 2028-2029 2029-2030 2030-2031 2031-2032 2032-2033
Remaining Base Salary
$21,500,000
$2,250,000 $3,000,000 $4,250,000 $6,000,000 $6,000,000 $0 $0 $0 $0 $0
Original Cap Hit $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $0 $0 $0 $0 $0
Contract Signing Bonus $2,000,000 $2,000,000 $1,500,000 $0 $0 $0 $0 $0 $0 $0
Contract Total Salary ($4,250,000) ($5,000,000) ($5,750,000) ($6,000,000) ($6,000,000) ($0) ($0) ($0) ($0) ($0)
Annual Buyout Cost $716,667 $716,667 $716,667 $716,667 $716,667 $716,667 $716,667 $716,667 $716,667 $716,667
ACTUAL CAP HIT Philadelphia Flyers logo $3,466,667 $2,716,667 $1,466,667 $-283,333 $-283,333 $716,667 $716,667 $716,667 $716,667 $716,667
Savings $1,533,333 $2,283,333 $3,533,333 $5,283,333 $5,283,333 $-716,667 $-716,667 $-716,667 $-716,667 $-716,667

Active Contract

Signing Team Philadelphia Flyers logo
Signing Date September 2, 2021
Signing Status RFA
Agent Shawn Hunwick
View Player Profile
Potential Lockout Year
Standard Contract | 6 Years $30,000,000 6.06% of cap space
2022-2023 2023-2024 2024-2025 2025-2026 2026-2027 2027-2028
Cap Hit $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000
UFA
AAV $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000
Performance Bonuses $0 $0 $0 $0 $0 $0
Base Salary $1,000,000 $2,250,000 $3,000,000 $4,250,000 $6,000,000 $6,000,000
Signing Bonuses $2,000,000 $2,000,000 $2,000,000 $1,500,000 $0 $0
Total Salary $3,000,000 $4,250,000 $5,000,000 $5,750,000 $6,000,000 $6,000,000
Minors Salary $3,000,000 $4,250,000 $5,000,000 $5,750,000 $6,000,000 $6,000,000
Clauses
UFA Year
Buy It Out Buy It Out Buy It Out Buy It Out Buy It Out Buy It Out