Bobby Bonilla Day: Why Mets pay him over $1M every July despite last playing for them in 1999

Bobby Bonilla’s favourite day is, surely, July 1. That is as a result of every year, till 2035, he can anticipate to obtain a paycheck of a clear $1,193,248.20 from the New York Mets – regardless of final enjoying for them in 1999.

So, how did the Mets get right here?

Within the fall of 1991, Bonilla was the most important free agent in the marketplace after wrapping up 4 straight All-Star seasons with the Pittsburgh Pirates and incomes two MVP finalist honors in each 1990 and 1991 – the latter through which he led the Nationwide League with 44 doubles.

The Mets broke the financial institution for Bonilla, signing him to what was then probably the most profitable contract in MLB historical past because the Amazin’s inked him to a five-year, $29 million deal.

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Nonetheless, the connection between Bonilla and the Mets grew contentious rapidly, and the Mets traded him to the Baltimore Orioles in the summertime of 1995 through the fourth yr of his deal.

Bonilla had an opportunity to redeem himself with the Mets when he was traded again to them earlier than the 1999 season. Nonetheless, he solely performed in 60 video games, struggled immensely, and obtained into quite a few arguments with supervisor Bobby Valentine. Given the circumstances, the Mets launched him, but nonetheless owed him the $5.9 million remaining in his contract.

That is the place the conception of Bobby Bonilla Day begins.

As an alternative of paying him the remainder of the cash owed, the Mets and Bonilla negotiated a deal to make annual funds of just below $1.2 million each July 1 from 2011 to 2035, when Bonilla can be 72, which included a negotiated 8% curiosity.

So, why did the Mets determine to pony up near $30 million over the lengthy haul as an alternative of merely handing over the $5.9 million? Properly, then-owner Fred Wilpon had invested with Ponzi-scheme artist Bernie Madoff and anticipated double-digit returns on the deal, which didn’t occur and Wilpon wound up with the brief finish of the stick.

It has been reported that Wilpon misplaced roughly $700 million by Madoff, who was jailed in 2009 and spent the remainder of his life in jail.

The Mets broke the financial institution for Bonilla, signing him to a five-year, $29 million deal. which was probably the most profitable contract in MLB historical past on the time. (Sporting Information through Getty Photos)

Good for Bobby Bonilla. He is getting paid over $1 million every year till 2035 to do nothing. Nonetheless, there are many frequent misconceptions surrounding this deal.

The primary is that Bonilla was a bust with the Mets – this might not be farther from the reality. Actually, he posted a few of his greatest numbers in Queens.

From 1992 to the time he was traded in 1995, he had a .921 OPS with the crew, which blows by the .838 he had with the Pirates. He additionally hit a career-high 34 homers with the Mets in 1993 and was an AL All-Star in 1993 and 1995. Certain, in his 1999 return, he hit simply .160 with a .579 OPS, each career-worsts, however for probably the most half, the notion that Bonilla was an on-field disappointment for many of his time with the Mets is fake.

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One other is that there are merely no positives for the Mets in any respect, which can be a falsehood.

By forgoing instantly paying off Bonilla, that freed up cash for the Mets to tackle the contract of left-handed pitcher Mike Hampton, who was a staple of their rotation in 2000 and helped them to that yr’s World Sequence.

Hampton solely spent one season in New York, however his departure in free company resulted in a compensation draft choose within the first spherical, which turned out to be a franchise icon in David Wright.

Bonilla is one in every of many MLB gamers, present and former, receiving deferred funds over an prolonged interval fo time. (Stephen Dunn/Allsport)

Additionally, Bonilla could have screwed himself a bit. According to Insiderif Bonilla had accepted the $5.9 million and invested it at 8%, it will have grown to $104.1 million by 2035. If he took every annual cost at an 8% funding, it will attain $95.2 million in 12 years – the present deal “solely” has him netting simply over $29 million.

Oh, and this should not be a secret, however for some cause, it is usually ignored. Bonilla is not the one athlete, present or former, with deferred funds, and a few are getting even higher offers.

According to Metsmerizedthe Orioles can pay Chris Davis $42 million in deferred cash to be paid in 10 installments of $3.5 million yearly every July 1 till 2032, and 5 installments of $1.4 million every July 1 from 2023 to 2037. Davis initially signed a $161 million contract in 2016, however hit simply .196 with a .670 OPS from that season by his retirement in 2020.

Throughout a profitable stint with the Pittsburgh Pirates, Bobby Bonilla earned two MVP finalist honors in each 1990 and 1991 – the latter through which he led the Nationwide League with 44 doubles.

The Cincinnati Reds have additionally been paying $3.59 million a yr to Ken Griffey Jr. since 2009, however that is lastly ending subsequent yr.

The Washington Nationals can be paying Stephen Strasburg $10 million per yr from 2024 by 2030, and he has made simply eight begins since signing his then-record $245 million deal in 2019.

Dustin Pedroia collects $2.5 million from the Boston Red Sox yearly till 2028, and oft-injured Chris Sale will obtain $10 million yearly from 2035 to 2039.

Paradoxically sufficient, the Mets aren’t even the one crew making deferred funds to Bonilla. He additionally will get a crisp $500,000 from the O’s every year on July 1 and people funds started manner again in 2004.

Bobby Bonilla additionally receives $500,000 from the O’s every year on July 1 as a part of a 25-year installment schedule that started in 2004. (RVR Photographs-USA TODAY )

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Regardless of being the brunt of the jokes, the Mets also have fun with Bobby Bonilla Day.

Final yr, new crew proprietor Steve Cohen, who bought the crew from the Wilpons in 2020, tweeted that July 1 is his “favorite day of the year.”

So, whereas it is enjoyable to snort on the Mets now and again (particularly this season), they did come away from this odd scenario in pretty first rate form.

And, after all, so did Bobby.