Another “Bobby Bonilla Day” is upon us, with the retired switch hitter receiving his annual $1.19 million payout from the New York Mets on July 1. Deep in the time of year when all eyes are on the World Series odds, it's always nice to take a break and remember a player who hasn't been on a diamond since 2001 but is somehow still getting a yearly salary higher than most current rookies.
For those new to the yearly celebration of unbridled financial insanity, please allow me to provide some background on the MLB contract that keeps on giving.
Bonilla was once the highest-paid player in the National League, but after a subpar 1999 season, the New York Mets decided to give him the boot and pay the $5.9 million buyout on his contract. Before the Mets paid up, he and his agent offered the team a rather insane deal – Bonilla would defer the outstanding payment for ten years, but then the Mets would have to cut him a check for $1.19 million every year until 2035.'
Now, why would an organization agree to this? Conveniently for Bonilla, Mets owner Fred Wilpon was heavily invested with Ponzi scheme fraudster Bernie Madoff at the time, so the deal was signed with Wilpon believing that the high, and ultimately fictional, returns he'd be getting on his investments with Madoff would outweigh the interest being paid to Bonilla.'