Happy day of Bobby Bonilla! Why the Mets pay $ 1.19 million every 1st. of July?

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The calendar has been changed to July, and that may mean only one thing: it's time for Mets fans around the world to wish each other a Happy Bobby Bonilla Day! Why? On Monday, Bobby Bonilla, 56, will cash a check for $ 1,193,248.20 from the New York Mets, as he has done and will do it every July 1 from 2011 to 2035.

What happened?

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

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

At that time, the owners of the Mets were involved with a Bernie Madoff account that promised double-digit returns over the course of the deal, and the Mets were ready to make a significant profit if the Madoff account produced. It did not.

What happens now?

The Mets will pay Bonilla more this season than Pete Alonso and Jeff McNeil together. Bonilla played for the last time for the Mets in 1999 and the last time he played in the majors for the Cardinals in 2001, but receives payments until 2035 (when he will be 72 years old).

Other notable examples of deferred contracts

Bobby Bonilla (again): A second deferred contract plan with the Mets and the Orioles pays him $ 500,000 a year for 25 years. Those payments started in 2004.

Bret Saberhagen: will receive $ 250,000 a year from the Mets for 25 years (payments also began in 2004, this was the inspiration of the Bonilla agreement).

Max Scherzer: You will receive a total of $ 105 million from the Nationals that will be paid until 2028.

Manny Ramírez: will charge a total of $ 24.2 million from the Red Sox until 2026.

Bruce Sutter: signed an agreement with the Braves before the 1985 season with deferred money. He would be paid $ 750,000 per year while with the Braves, then, during the 30 years after his retirement, he would receive at least $ 1.12 million per year. The Braves will pay him until 2020. He received $ 750,000 in 1989 and 1990 because he retired with two years remaining in the six-year contract, so his 30 years of the other payments did not begin until 1991.