Trae Young

ATL · 2025-26Below apron
Contract
$46.0M / yr · 2 yrs · $94.8M left
Albatross riskunder these assumptions

Albatross risk — −$22.1M on $94.8M still owed

Investment Memo

Trae Young projects to 6.8 marginal wins — $23.9M of on-court value — against an apron-adjusted true cost of $46.0M.

Albatross riskunder these assumptions
AASV (surplus)−$22.1M
Production value$23.9M
True cost$46.0M
Surplus vs. cost−48%
Rank, tracked deals140th of 178

Albatross risk — −$22.1M on $94.8M still owed

Quietly shop

At −$22.1M under water the deal drags the books; it still grades "needs-sweetener", so quietly canvassing the market beats waiting for it to worsen.

The Memo
Value thesis

For $46.0M this season (2 yr, $94.8M total), you are buying 6.8 marginal wins of BPM production — $23.9M of value at $3.5M/win. Against an apron-adjusted true cost of $46.0M, that nets −$22.1M of surplus, 140th of 178 tracked contracts — it grades as an albatross.

Upside case / Downside case
Upside case

If wins price up toward $4.2M/win and the apron tax eases, production value climbs to $32.3M and surplus swings to −$13.7M — an overpay in the optimistic case.

Downside case

If a marginal win is worth less and the apron bites harder, true cost rises to $46.0M and surplus falls to −$29.3M — an albatross in the pessimistic case; the verdict flips across the band.

Risk factors
Aging / decline (proxy)Elevated$94.8M committed over 2 years with no multi-season impact trend on file. No ages in the data — this is an exposure proxy.
Commitment sizeModerate$94.8M still owed across 2 years — $46.0M on this season's books.
Apron exposureLowBelow the apron — the $46.0M cap hit and true cost are one and the same.
Assumption sensitivity
Trae Young — AASV under bear / base / bull assumptions−$29.3M−$13.7M
Bear−$29.3M
Base−$22.1M
Bull−$13.7M

Caution — the verdict flips somewhere across bear/base/bull assumptions. This call is assumption-sensitive, not settled.

This call changes under bear assumptions: Trae Young grades Albatross risk in the bear case but Paying a premiumin the bull case — treat the verdict above as a live read of today’s sliders, not a settled fact.

What the other desks say
The Consensus

The market's own numbers: a win costs what the middle of the league pays for it.

Albatross risk
The Accountant

Every apron dollar is real money — the tax ledger, not the highlight reel, decides who wins the summer.

Albatross risk
The Ring Chaser

Banners hang forever. A marginal win today is worth almost any tomorrow, and the tax is the cost of doing business.

Paying a premium
The Rebuilder

Wins you buy before you're ready are the most expensive wins in basketball — flexibility is the only asset that never ages.

Albatross risk
The Skeptic

The tenth man is closer to the star than the star's agent admits — pay for scarcity you can prove, not reputation.

Albatross risk

1 of 5 desks disagree with the verdict above — that disagreement is the story.

Comparable contracts

Similar money band ($46.4M vs $46.0M) and impact (1.9 vs 2.0); his deal grades albatross risk at −$49.6M.

−$49.6M

Similar money band ($39.4M vs $46.0M) and impact (1.7 vs 2.0); his deal grades albatross risk at −$25.2M.

−$25.2M

Similar money band ($45.6M vs $46.0M) and impact (0.0 vs 2.0); his deal grades albatross risk at −$45.6M.

−$45.6M
The Model

How the model gets there.

The audit trail behind every figure in the memo above — six steps from raw on-court impact to the final surplus verdict, using the same sliders. Drag any assumption and the memo above updates with it.

Model Assumptions

AASV = wins × $/win − cap hit × apron multiplier. Set the knobs to your own front-office judgment — every number on this page updates live.

$3.5M
What one marginal win costs on the open market.
1.50×
How much a first-apron team's dollar really costs (tax bill, shrinking roster tools).
2.00×
The punitive tier — frozen picks, no salary aggregation, repeater tax.
Step 1 · On-court impact

No est. impact metric on file — falling back to Box Plus/Minus from the editable snapshot.

BPM = 2.0 · 2025-26 · 70 games · 2,500 minutes

Step 2 · Impact → marginal wins

Impact is credited above replacement level (-2.0), scaled by the possessions he actually played (minutes × 2.08/min), then converted at 30.5 net points per win.

(2.0 − (-2.0)) × 5,208 poss ÷ 100 = 208 net pts
208 ÷ 30.5 = 6.8 wins

Step 3 · Wins → production value

Wins are priced at your $/win setting ($3.5M per win).

6.8 wins × $3.5M = $23.9M

Step 4 · What the contract truly costs
Below apron

ATL is a below apron team, so every Trae Young dollar is charged at 1.00× — your setting for what that tier’s tax and roster restrictions really cost. Contract: 2 yrs · $94.8M remaining.

$46.0M cap hit × 1.00 = $46.0M

Step 5 · Apron-Adjusted Surplus Value

$23.9M$46.0M = −$22.1M

Trae Young costs more than he produces under these assumptions — the contract eats value.

Step 6 · Season-over-season impact

First season on file — the trend view, and its tie-in to aging risk, unlocks once another season lands.