We’ve finally made it to July and that only means one thing: It’s time for New York Mets fans everywhere to wish each other a Happy Bobby Bonilla Day! Today 62-year-old Bonilla will collect a check for $1,193,248.20 from the Mets, as he has and will every July 1st from 2011 through 2035.
Because of baseball’s salary structure, Bonilla’s annual payday is often more than some of the game’s current young stars will make in a given year.
It’s Bobby Bonilla Day!
So Why Does Bonilla Get This Payday?
In 2000 the Mets agreed to buy out the remaining $5.9 million on Bonilla’s contract. However, instead of paying Bonilla the $5.9 million all at once, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1st, 2011, including a negotiated 8 percents interest.
At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns, and the Mets were poised to make a significant profit if the Madoff account delivered, but it ultimately did not work out.
Under new owner Steve Cohen, who mentioned the possibility of celebrating Bonilla at Citi Field annually soon after taking over the team, the Mets have fully embraced Bonilla’s big day.
Just How Rare is This Arrangement?
Bonilla last played for the Mets in 1999 and last played in the Majors for the St. Louis Cardinals in 2001, but he will be paid through 2035, and he will be 72 when he receives his final payday from the Mets.
Although rare, these deferred-money contracts are not completely unheard of. Banilla has a second deferred-contract plan with the Mets and Baltimore Orioles that pays him $500,000 a year for 25 years. Those payments began in 2004. Bret Saberhagen will receive $250,000 a year from the Mets for 25 years and these payments also began in 2004, this deal being the inspiration for Bonilla’s deal.
Max Scherzer will receive $105 million total from the Washington Nationals which will be paid out through 2028. Manny Ramirez will collect $24.2 million total from the Boston Red Sox through 2026, and Chris Davis, who just might be the new Bonilla, collects $59 million in deferred payments during a 15-year stretch that started last year and continues through 2037. Davis received $9.16 million in 2024 and will do so again in 2025, then he will collect $3.5 million from 2026 to 2032, and $1.4 million from 2033 to 2037.
Comparing Bonilla’s Deal to Ohtani’s Contract
Shohei Ohtani is the most notable player of all with a deferral-heavy deal, but the biggest difference between the two deals came as a result of a buyout by the Mets for an underperforming veteran, whereas Ohtani’s salary arrangement was proposed by a superstar at the peak of his career.
In his unprecedented contract, Ohtani is being paid just $2 million annually during the 10-year length of his deal with the Los Angeles Dodgers. From 2034 to 2043, Ohtani will receive $68 million per year. The parameters of the arrangement allow the Dodgers plenty of flexibility in the short term while also lowering the team’s competitive balance tax burden with only the present-day value of the contract counting toward the Dodgers CBT payroll.
Bonilla Makes More Money Than Some Of Today’s Best Players
Because baseball’s salary structure has young players start their careers by earning just over half of Bonilla’s annual $1.19 million, there are quite a few notable players who will be making less than Bonilla this season.
Chicago Cubs star Pete Crow-Armstrong will be making $771,000, while James Wood of the Nationals will be making $764,600. Riley Greene who is arguably the best player on the best team in the American League will be making $812,400. Houston Astros ace Hunter Brown comes in at $807,400 for the season.
Future stars like Jacob Wilson and Andy Pages are both making under $800,000 each, but the most notable player of all Bonilla is making more money than, the young phenom from the Pittsburgh Pirates, Paul Skenes, who comes in at $875,000. So for a guy that hasn’t played in over two decades, Bonilla is doing quite well for himself.
