It’s July 1st, so it’s payday for Bobby Bonilla. The Mets pay him $1.2M every July 1st. It started in 2011 and will continue until 2035.
Usually, deferred payments—while they give the player a certain income they can budget around—save the teams money. Not in this case, though. The Mets agreed in 2000 to buy out the last $5.9M of his contract for the aforementioned 25 years of annual payments. Even if the total were paid in 2035, that $30M (1.2 x25) would be about $14,000,000 in year 2000 dollars. Remember, this was to have Bonilla no longer on their roster, too. Brilliant financial decision by the Ponzi scheme victims.
Also, there’s no proration for him—and that $1.2M is more than a lot of current players will receive this year.
Happy payday, Bobby Bonilla; you deserve it…and the Wilson’s deserve the laughter.