Miles Wood buyout calculator, cap hit impact

Miles Wood Buyout Cap Implications

Birthdate September 13, 1995

If Miles Wood 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 25 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 $1,166,667
Remaining base salary
($3,500,000 * 33% buyout multiplier)
.

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

Annual buyout cost of $583,333
(Total buyout cost/2 years)

Miles Wood projected buyout 2021-2022 season
2021-2022 2022-2023
Remaining Base Salary
$3,500,000
$3,500,000 $0
Original Cap Hit $2,750,000 $0
Contract Signing Bonus $0 $0
Contract Total Salary ($3,500,000) ($0)
Annual Buyout Cost $583,333 $583,333
ACTUAL CAP HIT New Jersey Devils logo $-166,667 $583,333
Savings $2,916,667 $-583,333

Active Contract

Signing Team
Signing Date September 22, 2018
Signing Status RFA
Agent Peter Fish
Standard Contract | 4 Years $11,000,000 3.37% of cap space
2018-2019 2019-2020 2020-2021 2021-2022
Cap Hit $2,750,000 $2,750,000 $2,750,000 $2,750,000
RFA
AAV $2,750,000 $2,750,000 $2,750,000 $2,750,000
Performance Bonuses $0 $0 $0 $0
Base Salary $2,500,000 $2,500,000 $2,500,000 $3,500,000
Signing Bonuses $0 $0 $0 $0
Total Salary $2,500,000 $2,500,000 $2,500,000 $3,500,000
Minors Salary $2,500,000 $2,500,000 $2,500,000 $3,500,000
Clauses
UFA Year
Buy It Out Buy It Out