Olsen is owed the full $550 K that the Pirates guaranteed him.
The Pittsburgh Pirates released Scott Olsen last week, after Olsen spent the start of the 2011 season on the 60-day disabled list. The Pirates originally signed Olsen to a one year, $550 K guaranteed deal, which included a $450 K salary in 2011, and a $100 K buyout on his option in 2012. If you notice on the 2011 40-man roster page, I've got him listed as being paid $550 K for the year, even though he has been released.
The reason Olsen is taking up $550 K of payroll is that when the team released him, they basically ate all of the guaranteed money on the deal. That includes his 2011 base salary of $450 K, and his 2012 buyout of $100 K. Had Olsen been released prior to March 28th, the Pirates would have only owed him 45 days of termination pay. However, since they held on to him during the season, they assumed the entire guaranteed amount.
I bring this up because yesterday it was reported that the Pirates only...
Tim is the owner and editor in chief of Pirates Prospects. He started the site in January 2009, and turned it into his full time job during the 2011 season. Prior to starting Pirates Prospects, Tim worked with AccuScore.com, providing MLB, NHL, and NFL coverage to various national media outlets, including ESPN Insider, USA Today, Yahoo Sports, and the Wall Street Journal. He also writes the annual Prospect Guide, which is sold through the site. Tim lives in Bradenton, where he provides live coverage all year of Spring Training, mini camp, instructs, the Bradenton Marauders, and the GCL Pirates.