Bobby Bonilla Day: The Iconic Contract That Keeps Paying
Every year on July 1st, baseball fans unite for a strange holiday: Bobby Bonilla Day. On this day, the New York Mets send former slugger Bobby Bonilla a check for $1,193,248.20—and they’ve been doing it since 2011. The annual payout has become a running joke across the sports world and a cautionary tale in sports finance.
But behind the memes is a fascinating contract decision involving deferrals, interest, and a bit of bad luck that turned into baseball’s most infamous payday.
🧾 The Backstory: Why the Mets Owe Bobby Bonilla
In 2000, the Mets wanted to part ways with Bobby Bonilla, who was in the final year of a $5.9 million contract. Rather than pay him the lump sum to release him, the Mets struck a deal: they’d defer the $5.9 million until 2011, and then pay him annual installments of nearly $1.2 million from 2011 to 2035—a total payout of $29.8 million.
That’s nearly five times the original amount.
Why would they do this?
The Mets’ ownership, led by Fred Wilpon, was heavily invested with financier Bernie Madoff, whose now-infamous Ponzi scheme promised consistent double-digit returns. They believed they could earn far more than the cost of the deferred payments by investing the saved money with Madoff.
Of course, that gamble backfired when Madoff’s scheme collapsed in 2008, and the Mets were left on the hook for one of the most laughable payment plans in sports history.
📅 Key Dates & Contract Details
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Original deferral deal: Signed in 2000
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Payments begin: July 1, 2011
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Annual amount: $1,193,248.20
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Final payment: Scheduled for July 1, 2035
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Total paid: $29.8 million over 25 years
The deal included an 8% annual interest rate, which at the time seemed reasonable, given expectations around returns from Madoff’s (phony) investment strategy.
🧠 Why This Deal Gets Mocked Every Year
Baseball Twitter lights up every July 1 with reminders that:
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Bonilla hasn’t played since 2001
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He’s getting paid more than many active MLB players
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The Mets essentially paid for nothing—and still are
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The team has changed owners, but the payments roll on
It’s become an annual tradition to dunk on the Mets—an easy punchline for a franchise long associated with front office blunders.
Even newer Mets owner Steve Cohen has leaned into the joke, once tweeting that he’d consider hosting an annual Bobby Bonilla Day at Citi Field to turn the embarrassment into an event.
💰 Is Bonilla the Only One? (Hint: No.)
Bobby Bonilla may be the most famous example, but he’s not alone. Several MLB players have deferred money in creative ways:
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Ken Griffey Jr. is being paid by the Reds through 2024
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Max Scherzer’s Nationals deal includes $15M in deferrals paid through 2028
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Chris Davis will receive deferred payments from the Orioles through 2037
But Bonilla’s is the gold standard—because of the timing, the Mets’ rationale, and the sheer length of the deal.
🏁 When It Ends
Bobby Bonilla will receive his final check on July 1, 2035—at which point he’ll be 72 years old, and the deal will have lasted 25 years. He’ll have made nearly $30 million on a contract that originally only called for $5.9 million.
⚾ Final Thought
Bobby Bonilla Day is the perfect blend of baseball, business, and bad decisions. For fans, it’s a meme-worthy moment of levity. For teams, it’s a cautionary tale about short-term savings turning into long-term losses. And for Bobby Bonilla?
It’s a reminder that sometimes, the best deals in sports happen after you stop playing.