Just for clarification he is paid 1/3 of his buyout a season over the next 8 years.
That doesn't read right. That sounds like 2/9 of his salary (which 1/3 or his buyout which is 2/3 of his salary) is paid out over the eight years and he gets the rest in some other way.
Grabovski gets 2/3 of the remaining salary owed him on his contract, paid out over 8 years in equal semi-monthly installments.