AJ's has only 6M covered in 2012 and 11M covered in 2013
Salary obligation by year:
2012: Total cap hit due to drop: 12.5M
:BOS: 6.5M
:NYY: 6M
2013: Total cat hit due to drop: 8.5M
:BOS: 0
:CIN: is covering 6.5M right now, due to the drop, :CIN: is entitled to receive:
(11 - 8.5) * 6.5 / (6.5 + 4.5) = 1.5M back. :CIN:'s cap hit would be 6.5 - 1.5 = 5M
:NYM: is covering 4.5M right now, :NYM: entitled to receive 2.5M - 1.5M = 1M in return.
:NYM:'s cap hit would be 4.5M - 1M = 3.5M
Total salary covered by :NYM: and :CIN: = 5M + 3.5M = 8.5M
If this is not right, please let me know.