Happy Bobby Bonilla Day - Twitter/Unknown
Today is a very special day. No, it’s not my birthday. And it’s not National Ice Cream Day. And July 1st does not commemorate any great historical event or athletic feat. But it’s a day I look forward to each year. For it celebrates the greatest contract ever signed in professional sports. Today is, Bobby Bonilla Day.
You don’t remember Bobby Bonilla. I am sure many of you of a certain age remember him as a star outfielder for the Pittsburgh Pirates and the New York Mets during the late eighties and early nineties. A six-time All-Star and a three-time Silver Slugger recipient, Bobby was a terror at the plate for much of his 16-year Major League career. But for all of his tremendous on-the-field exploits, they have nothing to do with our yearly celebration of Bobby Bonilla Day.
Why Bobby Bonilla Day?
We annually celebrate Bobby Bonilla Day in recognition of the historic agreement he made with the New York Mets in 2000. To go back, the Mets had originally signed Bonilla to a five-year, $29 million contract in 1991. At the time, it was the richest sports contract ever signed in a team sport. Bonilla went on to play three and a half seasons with the Mets until he was traded to the Baltimore Orioles in 1995.
Over the course of the next four years, he became a baseball vagabond playing for three different teams during that period. He was even part of the World Series Champion Florida Marlins team of 1997. Then in 1999, he was traded back to the Mets. This is where things get weird and add to the legend of Bobby Bonilla Day.
After a season with New York, the team was no longer interested in retaining his services. The only catch is that they still owed him $5.9 million on his contract. That is when Mets owner Fred Wilpon brilliantly thought of a way to pay Bonilla off. Wilpon would defer Bonilla’s salary, spread out across 25 years from 2011-2035, with eight percent interest.
Fred Wilpon Has a Great Idea
Why would Wilpon initiate such a contract? Because he had invested heavily with a broker named Bernie Madoff and all he could see were dollar signs. Wilpon reasoned that the 10 percent interest he thought he was getting on his investments with Madoff would more than offset the eight percent interest the Mets would be paying on the remainder of Bonilla’s $5.9 million contract. What could go wrong?
Plenty it turns out. As we now know, Wilpon got caught up/participated in, the largest Ponzi scheme of all time and his money invested with Madoff evaporated. By the time Bonilla would start receiving payments in 2011, the $5.9 million he was owed had mushroomed to $29.8 million. That meant that every July 1st until 2035, Bonilla would receive an annual payment worth $1.19 million. Talk about an extended payday!
Here is where the story gets even better. Not only do the Mets owe Bonilla deferred salary, but the Orioles also owe Bonilla $500,000 a year until 2028. Today is a great day in the Bonilla household. A few years ago, CBS came up with a great idea on how to celebrate this momentous day. They created a bobblehead to honor Bonilla’s deferred payments.
Do Any Other Players Have a Special Day?
Les you think the Mets are the only team in this predicament, you would be wrong. The Cincinnati Reds have paid Ken Griffey Jr., $3.6 million a year since 2009. Those payments do not expire until next year. Need more? How about a more futuristic deferred payment?
The Boston Red Sox will pay Rafael Devers $7.5 million annually from 2034 to 2043, as a result of his 11-year, $331 million contract that included a $75 million deferment. July 1st will be a great day in the Devers household for many years to come.
In 2021, Steve Cohen, the current owner of the Mets, thought of a novel idea on how to celebrate Bobby Bonilla Day. Every year until 2035, July 1st would be Bobby Bonilla Day at Citi Field, complete with an oversized check. Perhaps because of the Mets’ dismal play this season, this plan has sadly not come to fruition yet.
So, today, I’m going to sit back, drink a cold one, turn on a baseball game, and enjoy Bobby Bonilla Day. It would be great if the Mets were on, even though their on-field product is currently in dismal shape. I’m missing only one thing that would make it a perfect day. Where can I get my hands on one of those bobbleheads?
