Every New York Mets fan of at least a certain age is well aware that July 1 annually is Bobby Bonilla Day. In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla's contract. That seems like chump change to any MLB owner these days, but instead of just paying Bonilla that full sum right away back then the Mets agreed to make annual payments of $1.19 million for 25 years starting July 1, 2011 (and each July 1 after), including a pre-negotiated 8 percent interest.
The reason the Mets wanted to do deferred payments was that then-Mets owner Fred Wilpon was friends with (soon-to-be disgraced) financier Bernie Madoff and invested heavily with him. Wilpon chose to defer payments so that the money could be invested into what would prove to be Madoff's Ponzi scheme.
Madoff is currently serving 150 years in prison for his scheme that cost investors several billion dollars – an argument can be made that the Mets don't spend like a big-market club even to this day because of how much ownership lost with Madoff. The team is currently for sale.
Dennis Gilbert was Bonilla's agent and negotiated the brilliant deferred payment option, which will net Bonilla around $30 million total and pay him until he's 72 in the year 2035.
Bonilla was an excellent player early in his career, which began in 1987 with the Pittsburgh Pirates. His free agent contract with Mets for $29 million over five years was the richest in the majors when he signed in December 1991. However, Bonilla was washed up in his final 1999 season with the Mets, hitting just .160 in 60 games. He would play in 2000 with the Braves and 2001 with the Cardinals before retiring.
What's amazing is that Bonilla will make more in base salary this season than the best player in the NFL, Chiefs quarterback Patrick Mahomes, as well as two former Heisman Trophy-winning quarterbacks who were chosen No. 1 overall in the draft: Cam Newton and Jameis Winston. Several fairly well-known MLB players also will make less in the coronavirus-shortened 60-game season.
Mahomes makes just $850,000 in base salary in 2020 as part of his rookie contract, although at some point fairly soon he's going to become the first NFL player to earn $40 million per season and perhaps break the $200 million overall barrier. Mahomes is the +350 favorite on the moneyline odds at William Hill sportsbook to win another MVP this year.
Newton signed Sunday with the New England Patriots for a base salary of $1.05 million. Winston signed with the New Orleans Saints in late April to back up Drew Brees for a base salary of $950,000. Both QBs can make plenty more in incentives – Newton is much more likely to because he's expected to start with the Patriots and is now a +450 third-favorite at William Hill to win NFL Comeback Player of the Year.
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