July 1 is annually known as “Bobby Bonilla Day” in the sports world.
However, it could have several other different names also.
The reason that it’s been referred to as Bobby Bonilla Day is that the former baseball player in 1999 was bought out of the remaining $5.9 million owed to him on his contract by the New York Mets.
In exchange for being bought out and released, Bonilla’s agent, Dennis Gilbert, negotiated an arrangement where Bonilla would receive deferred payments starting in 2011 at 8% interest, instead of taking one lump-sum payment.
The proposal was that Bonilla every July 1 would receive a check for just under $1.2 million until 2035.
The Mets agreed to the arrangement, and thus every July 1 write the check to Bonilla.
By the time 2035 rolls around, Bonilla will be 72 and his agent will have turned that $5.9 million into $29.8 million.
But Bonilla isn’t alone in 2023 when it comes to former Major League Baseball players who are now out of the league, but are collecting big paychecks because of deferred payments.
Here is the complete list, according to Forbes.
PlayerAgeSalary collected in 2023Team owing moneyChris Davis37$14,833,333BaltimoreKen Griffey, Jr.53$3,593,750CincinnatiJon Lester39$3,000,000WashingtonManny Ramirez51$2,028,557BostonDustin Pedroia39$2,000,000BostonRafael Soriano43$2,000,000WashingtonRyan Braun39$1,800,000MilwaukeeTodd Helton49$1,300,000ColoradoBobby Bonilla60$1,193,248.20NY MetsDarren O’Day40$1,000,000BaltimoreLorenzo Cain37$1,000,000MilwaukeeBret Saberhagen58$250,000NY MetsVinny Castilla55$106,666Colorado