dead money
n.— «Feeley was scheduled to make $2.4 million in contractual salary from the Eagles in 2009 if he made the roster. If he were to be released prior to the season opener, he would receive a $1 million buyout in what is known as “dead money” in the NFL.» —“Ex-Eagle QB’s For Sale….and how much money is an NFL job worth?” by Thomas Jackson Most Valuable Network: Eagles Eye Sept. 7, 2009. (source: Double-Tongued Dictionary)
Further reading
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There was a time when William Shakespeare was just another little seven-year-old in school. Classes in his day were demanding — and all in Latin. A new book argues that this rigorous curriculum actually nurtured the creativity that later flourished...
dead money is also used in poker as “lost money”