Today is July 1st, or as Mets fans call it, Bobby Bonilla gets paid 1.2 million day

[edjr 6,592]

is @GutterBoy  really banned?

[WhiteWonder 2,738]

On 7/1/2015 at 2:05 PM, posty said:

http://hardballtalk.nbcsports.com/2015/07/01/bobby-bonillas-isnt-the-only-deferred-money-deal-in-the-game-and-isnt-even-the-worst/

 

As we noted before, Bobby Bonilla’s deferred deal with the Mets isn’t anywhere near as bad and mockworthy as it’s often made out to be. But the fact is, it isn’t even the worst in the game, either as far as the money or the optics go.

 

Check out some of these gems, most of which was gathered from an article by ESPN’s Doug Mittler back in 2012:

• Manny Ramirez has a 16-year, $32 million deferred money deal from the Red Sox which, like Bonilla’s, kicked in on July 1, 2011. It costs them $1.968 million a year and goes through 2026 when Ramirez is 54;
• The Cardinals are paying Matt Holliday to play now, but they’ll still be paying him through 2029 under the $120 million, seven-year contract he signed in 2010;
• Retired Rockies first baseman Todd Helton deferred $13 million of his 2011 salary (total was $19.1 million) and will be paid through 2024;
• The Nationals will pay Ryan Zimmerman $10 million over five years after he’s retired, with a nominal organization job;
• Ryan Braun will receive $18 million in payments in equal installments each July 1 from 2022 to 2031;
• The Tigers are still paying Gary Sheffield between $1 million and $2.5 million annually through 2019;
• The Mariners are paying Ichiro Suzuki a chunk of his last big deal through the year 2032;
• The Reds signed Ken Griffey Jr. to a $116.5 million contract in February 2000, but more than half of that is still being paid by the team and will continue to be so until Griffey is in his 50s.

My favorite one, however, has to be from my Atlanta Braves, who tried to make a big splash by signing Bruce Sutter before the 1985 season. He was a bust of course, but this is how he was paid. From a 1985 Los Angeles Times report:

 

Bruce Sutter was to receive payments totaling $44 million over the next 36 years from his new club, the Atlanta Braves . . . Sutter will receive a $750,000 salary for each of the next six years and a minimum of $1.12 million a year for the remaining 30 years of the contract. In addition, he will get the $9.1 million in so-called “principal” at the end.

 

Bruce. Sutter. And you think Bobby Bonilla’s deal was a bad one.

[dain11279 976]

[Drizzay 722]

On 7/1/2020 at 7:14 PM, Drizzay said:

The only thing worse than the contract is having to listen to everyone talk about it this day for the next 15 years. 

 

[Voltaire 5,316]

2023 gets them over the halfway mark.

13 payments made, 12 more to go.

[Cdub100 3,909]

On 7/1/2022 at 12:07 PM, edjr said:

is @GutterBoy  really banned?

I wish we knew we were in the good ole days when we are in them. 

[cmh6476 1,025]

Only 12 years to go

[posty 2,700]

5 minutes ago, cmh6476 said:

Only 12 years to go

On the moon...

[TommyGavin 790]

On 7/1/2023 at 10:03 AM, dain11279 said:

Forgot to log out as Edger ??

[Hardcore troubadour 15,439]

Met fans put ketchup on their hot dogs. They deserve everything they get. 

[bostonlager 2,665]

Ken Griffey Jr is the 4th highest paid Cincinnati Red this year at $3.5 million. 

[TommyGavin 790]

20 hours ago, Hardcore troubadour said:

Met fans put ketchup on their hot dogs. They deserve everything they get. 

Not white Met fans. We use mustard as should all. 

[TommyGavin 790]

19 hours ago, bostonlager said:

Ken Griffey Jr is the 4th highest paid Cincinnati Red this year at $3.5 million. 

That’s crazy

[Hardcore troubadour 15,439]

33 minutes ago, TommyGavin said:

Not white Met fans. We use mustard as should all. 

I’ve been to Shea many times and Citi a few. That’s not my observation. 

[TommyGavin 790]

4 minutes ago, Hardcore troubadour said:

I’ve been to Shea many times and Citi a few. That’s not my observation. 

Only kids and those of darker complexion use ketchup on hot dogs. 

[cmh6476 1,025]

I wonder which guy will continue to get paid longer

 

[MikeMatt 96]

[dain11279 976]

[TBayXXXVII 2,546]

Steve Phillips (on MLBRadio these days), contends that he likes when people call this out because it reminds the Mets of how great of a deal this was... and he's right.  The value of money today (even before Covid), is way lower than it was when Bonilla signed that deal.  This deal was a huge win for the Mets organization.  It's really not that much different that the Ohtani deal with the Dodgers.  Ohtani will start getting $68M a year in 2034.  There's no way that in 2034 that the value of $68M will be the same as the value of $70M today.  In 20 years, the value of $68M won't be the same as it is in 10, either.

[edjr 6,592]

Just now, TBayXXXVII said:

Steve Phillips (on MLBRadio these days), contends that he likes when people call this out because it reminds the Mets of how great of a deal this was... and he's right.  The value of money today (even before Covid), is way lower than it was when Bonilla signed that deal.  This deal was a huge win for the Mets organization.  It's really not that much different that the Ohtani deal with the Dodgers.  Ohtani will start getting $68M a year in 2034.  There's no way that in 2034 that the value of $68M will be the same as the value of $70M today.  In 20 years, the value of $68M won't be the same as it is in 10, either.

What will be saying in 15 years when Ohtani is getting the bulk of his money?

[Mike Honcho 5,283]

9 minutes ago, TBayXXXVII said:

Steve Phillips (on MLBRadio these days), contends that he likes when people call this out because it reminds the Mets of how great of a deal this was... and he's right.  The value of money today (even before Covid), is way lower than it was when Bonilla signed that deal.  This deal was a huge win for the Mets organization.  It's really not that much different that the Ohtani deal with the Dodgers.  Ohtani will start getting $68M a year in 2034.  There's no way that in 2034 that the value of $68M will be the same as the value of $70M today.  In 20 years, the value of $68M won't be the same as it is in 10, either.

That doesn't seem right. 5.9 million less that 1.2M for 25 plus interest?  

Quote

 

In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla's contract.

Handing out midseason MLB awards -- from MVP to best rookie to biggest disappointment

However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.

At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns, and the Mets were poised to make a significant profit if the Madoff account delivered -- but that did not work out.

Under new owner Steve Cohen, who mentioned the possibility of celebrating Bonilla at Citi Field annually soon after taking over the team, the Mets have embraced Bonilla's day.

 

 

[RLLD 4,230]

14 minutes ago, TBayXXXVII said:

Steve Phillips (on MLBRadio these days), contends that he likes when people call this out because it reminds the Mets of how great of a deal this was... and he's right.  The value of money today (even before Covid), is way lower than it was when Bonilla signed that deal.  This deal was a huge win for the Mets organization.  It's really not that much different that the Ohtani deal with the Dodgers.  Ohtani will start getting $68M a year in 2034.  There's no way that in 2034 that the value of $68M will be the same as the value of $70M today.  In 20 years, the value of $68M won't be the same as it is in 10, either.

So.....people with less money, like those in the lower areas of financial status....can buy much less.....hmmm, wonder where current purchasing power  is for the dollar, could it be at the lowest in our lifetime?

[TBayXXXVII 2,546]

1 hour ago, Mike Honcho said:

That doesn't seem right. 5.9 million less that 1.2M for 25 plus interest?  

 

The problem wasn't the deal, the problem was with who the deal was with.  Back when the deal was made in 1999, there were going to be dividends paid back to the Mets.  Bonilla was going to make just under $30M ($29.8M I believe), but it wasn't going to cost the Mets $5.9M.  The Mets took that money and invested it with Bernie Madoff (the problem), where over the next 10 years, they'd get dividends back to where the Mets would've spent almost nothing in the end.  They were expecting to get about 10% per year back, over that time frame.  At that point was when Bonilla was going to start getting paid.  Of course, that went to crap after Madoff was found out to be crooked.  Like I said, at the time the deal was made, it was a good deal.  It wasn't going to cost them anything really and the value of the money then was a lot better than the value of the money now.

[TBayXXXVII 2,546]

58 minutes ago, RLLD said:

So.....people with less money, like those in the lower areas of financial status....can buy much less.....hmmm, wonder where current purchasing power  is for the dollar, could it be at the lowest in our lifetime?

Quite possibly.

[RLLD 4,230]

6 minutes ago, TBayXXXVII said:

Quite possibly.

Yeah, it does add up..... but I have to wonder....could people...potentailly.....then feel like this is the worst economy in their lifetime?  Maybe?

[TBayXXXVII 2,546]

1 minute ago, RLLD said:

Yeah, it does add up..... but I have to wonder....could people...potentailly.....then feel like this is the worst economy in their lifetime?  Maybe?

Definitely so for the younger people.  I wouldn't know for the older folks.

[edjr 6,592]

Manny Ramirez is due to receive around $2 million a year from the Red Sox until 2026

Dustin Pedroia will receive $2.5 million in 2025, 2026, and 2027 

Which would make Pedroia the 9th highest contract on the Red Sox this year

 

[dain11279 976]

 

Only 10 years to go!

[Hardcore troubadour 15,439]

I hope edjr comes back. And squishy and hack leave 

[MikeMatt 96]

On 7/1/2025 at 9:23 AM, Hardcore troubadour said:

I hope edjr comes back. And squishy and hack leave 

Wait. What ? Edger didn’t bump this thread ?? WTF

[Hardcore troubadour 15,439]

46 minutes ago, MikeMatt said:

Wait. What ? Edger didn’t bump this thread ?? WTF

He’s been MIA for a while now. Instead we get squishy and hack lying and clogging up threads with uninteresting bullshitt. 

[edjr 6,592]

On 7/1/2015 at 9:03 AM, edjr said:

and every July 1st until 2035

 

 

 

 

@Mungwater  must be new

[MikeMatt 96]

2 hours ago, edjr said:

@Mungwater  must be new

OK life is back to normal- sorta.