Mike Condon buyout calculator, cap hit impact

Mike Condon Buyout Cap Implications

Birthdate April 27, 1990

If Mike Condon was bought out prior to the 2019-2020 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 29 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 $2,000,000
Remaining base salary
($3,000,000 * 67% buyout multiplier)
.

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

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

Mike Condon projected buyout 2019-2020 season
2019-2020 2020-2021
Remaining Base Salary
$3,000,000
$3,000,000 $0
Original Cap Hit $2,400,000 $0
Contract Signing Bonus $0 $0
Contract Total Salary ($3,000,000) ($0)
Annual Buyout Cost $1,000,000 $1,000,000
ACTUAL CAP HIT Tampa Bay Lightning logo $400,000 $1,000,000
Savings $2,000,000 $-1,000,000

Active Contract

Signing Team
Signing Date June 28, 2017
Signing Status UFA
Agent Michael Wulkan
Standard Contract | 3 Years $7,200,000 2.94% of cap space
2017-2018 2018-2019 2019-2020
Cap Hit $2,400,000 $2,400,000 $2,400,000
UFA
AAV $2,400,000 $2,400,000 $2,400,000
Performance Bonuses $0 $0 $0
Base Salary $1,700,000 $2,500,000 $3,000,000
Signing Bonuses $0 $0 $0
Total Salary $1,700,000 $2,500,000 $3,000,000
Minors Salary $1,700,000 $2,500,000 $3,000,000
Clauses
UFA Year
Buy It Out