it should be this
15,475,000
15,475,000 x 1.08 = 16,713,000
15,475,000 x 1.16 = 17,951,000
15,475,000 x 1.24 = 19,189,000
15,475,000 x 1.32 = 20,427,000
its actually based on first year for all years increases not the previous year.
we had this problem last time as well when people were doing up salaries.
also
from the CBA:
Here's a summary of the differences between an option and an ETO:
* Options can occur only when one season remains on the contract, while ETOs can occur when two seasons remain if the contract is for six seasons.
* Options can be included in any multiyear contract, but ETOs are allowed only with five or six year contracts.
* Options can be held by the player or the team, but ETOs are always held by the player (i.e., there's no such thing as a team Early Termination Option).
* Option years may not have a lower salary than the previous season. ETOs have no such restriction.
* A contract with a player option can be extended when the option is not exercised. A contract with an ETO may not be extended if the ETO is exercised.
so the Player Options could only be in the 4th year of the contracts.