Let me see if I phrase this thru more minutia. The difference between the cash payroll and CBT payroll, for 2026, is ~ $57M. The chief components of this, according to Cots are:
Gray $10M (I assume the 2027 buyout?)
Crochet $3.5M
Bello $3M
Anthony $13.6M
Campbell $5M
Ceddanne $4M
Player Benefits $18M
I suggest ignoring Gray's $10M, mostly because I don't know the implications, and it's only one year. And ignoring the player benefits, since I assume every team will have the identical difference.
That leaves us with $29M, attributable entirely to the fact that we chose to pay a player next year instead of this year. If JH decided to cut a check for $29M to buy treasuries, would he not be 'spending' that $29M?