Calculate Date: Ultimate Expiration Date minus Owner Expiration Notice

Requirement:
If Arrangement Type_c equals ‘Contract’
Calculate a Re-Bid Date_c which is the Ultimate Expiration Date_c minus Owner Expiration Notice.

Here’s the formula that worked:

IF( ISPICKVAL(Arrangement_Type__c, ‘Contract’) , Ultimate_Expiration_Date__c – CASE(OwnerExpirationNotice,”15 Days”, 15,
“30 Days”, 30,
“45 Days”, 45,
“60 Days”, 60,
“90 Days”, 90,
“120 Days”, 120,Null) , Null)

If you’d like to see how I ended up here and the conversation posted on Answers, visit http://bit.ly/1d2Eq5A

Much thanks to Jeff May, Damien Owen, and Andrew Johnson for taking the time and providing the guidance/solution.

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