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Roberto Martin Antonio Bonillo, also known as Bobby Bonilla, is a former American baseball player. Bonilla was born on February 23, 1963, and started playing baseball at Herbert H. Leman High School in 1981. After graduating initially, he was not selected for the Major League Baseball draft but later got signed by Pittsburgh Pirates after spending a semester at the New York Institute of Technology studying Computer Science. Bonilla remained among the best players and batters in the 1980s and 90s due to his hitting power. Bonilla signed a contract with the New York Mets in 1991-92 and became the highest-paid player who earned $six million per year. However, throughout the rest of his career at the Mets, he couldn’t perform up to the standard he set for himself and became a subject of criticism. Let us know about why does Bobby Bonilla get paid from the mets and why do teams defer their contracts with players in this article.
Bobby Bonilla get paid from the Mets
Even though he couldn’t meet the Mets’ expectations, you would be surprised to hear Bobby Bonilla still gets paid $1.193 million each year from the Mets. Until July 1, 2035, the New York Mets’ have to pay him the same amount annually. The Mets’ have to pay him because of the infamous deferred salary agreement they signed with Bonilla. The payment origins from Bonilla’s $5.9 salary, which was to be paid in 2000. Bonilla was released from his contract by the Mets in 2000, and they both agreed to spread Bonilla’s salary 0f $5.9 million over 25 years with an interest of 8 percent. The salary has now swelled up to $29.8 million. The Mets’ have been paying Bonilla since July 1, 2011, and now it is known as Bobby Bonilla Day! After this contract, the Mets became a subject of fun and mockery. But, now, they have seemed to accept it and cash it using different methods such as launching Bonilla nfts, etc.
A little about the Mets
The New York Mets, also known as the Mets, is an American professional baseball team. The Mets were founded in 1962 by Joan Whitney Payson and Charles Shipman Payson. The Wilpon family owned the New York Mets when the contract was signed with Bobby Bonilla. But they are no longer accountable for the payments to Bonilla and don’t have to worry about it since they sold the franchise to Steve Cohen for $2.375 billion in 2020. Even Steve isn’t worried about the hefty payments to Bonillo since he is the wealthiest owner in the baseball fraternity.
Other players who got deferred money, like Bobby Bonilla
Even though Bonilla is the only former big-league player collecting deferred salaries from his contract, others also got deferred salaries from their contracts. Number one on the list after Bonilla is Max Scherzer, who will be paid $15 million over eight years from 2022 to 2028 by Washington Nationals. Next is Stephen Strasburg, who will receive $26.6 million annually by Nationals again from 2027-29, which makes it a total of $80 million. Again, it’s the Mets who are going to pay Jacob deGrom $52.5 million deferred money. But rather than annual payments, deGrom will receive $12 million in 2020, $13.5 million in 2021, $15 million in 2022, and the last $12 million in 2023.
Why do teams defer their contracts with players?
Even though the Bonilla deal was a joke, sometimes the deferred contracts make sense for both the teams and players. It makes it more flexible for the teams to manage their finances and sign new players to keep their performance at par. Moreover, suppose there’s no interest included in the deal. In that case, it is even more favorable because they can save money through it. For the players, it assures them that they will be paid even after their professional career ends and they stop playing; for players who got contracts like Bonilla and Max. It is even better since they will also be earning interest in them.
Bonilla Contract up for Auction
Before the auction, the contract was in the possession of Dennis Gilbert, Bonilla’s Agent. A copy of his contract with the New York Mets was put up for auction along with some other items and was sold for $180000. The auction winner also received other perks, such as a baseball signed by Bonilla, Bat used by Bonilla, a zoom call with Bonilla and Gilbert, and a Bonilla nft.
Bobby Bonilla gets $1.92 million from the Mets each year and will keep getting it until 2035 because of a deferred salary agreement in 2000. $5.9 million was supposed to be paid to Bonilla in 2000, but a contract stated that Bonilla would receive the money over 25 years. From 2011-35 with 8% interest, the amount increased to $29.8 million. Teams usually defer players’ salaries in Major League Baseball and pay them over the years. Still, Bonilla’s contract became famous since it was the heftiest, and Bonilla played below average at the Mets.