The rules for 35+ contracts changed in the 2020 CBA MOU.  Now, a contract is not considered "35+" if:

-total compensation either stays the same or increases from one year to the subsequent year

-there are no signing bonuses after Year 1

If those criteria are met, the contract is not considered 35+, and therefore the usual contract rules around burying and buyouts apply.  If that criteria is not met, it is considered a "35+" contract (if the player turned 35 by June 30), and therefore:

-If the contract is bought out, the original cap hit each year still remains (no cap hit relief from a buyout)

-If the player is sent down, the cap hit is only reduced by $100,000