Every July 1, baseball fans recognize Bobby Bonilla Day, a tradition that highlights the former Mets star’s unusual yet fascinating financial arrangement with the New York Mets. While Bonilla enjoyed a commendable 16-year career in Major League Baseball, where he earned six All-Star selections and showcased a solid 124 OPS+, his legacy is often remembered for the unique contract he negotiated.
On this day, Bonilla receives a payment of approximately $1.2 million from the Mets, a deferred compensation agreement that began in 2011 and will continue until 2035, when he will be 72 years old. This arrangement stems from a decision made in 2000 when the Mets opted to defer a remaining $5.9 million on Bonilla’s contract. The team believed they could achieve better returns through investments, specifically with Bernie Madoff. Unfortunately, this investment turned out to be part of a notorious Ponzi scheme, resulting in the original amount owed ballooning to nearly $30 million over time.
Bonilla’s journey in baseball began with a five-year, $29 million contract with the Mets before he was traded. His next significant contract was with the Miami Marlins, where he helped the team secure a World Series title in 1997. After a series of trades, including a return to the Mets, Bonilla’s performance declined, leading to his release, yet his financial future was secured by the deferred payments.
Under the ownership of Steve Cohen, who took over the team in 2020, the Mets have embraced the quirky nature of Bobby Bonilla Day. Although the team does not host formal celebrations, Cohen has acknowledged the day on social media, humorously referring to it as his “favorite day of the year.”
Deferred contracts, while less common in earlier decades, have gained popularity in recent years across Major League Baseball. Teams like the Washington Nationals have incorporated deferred payments into their contracts, and current stars such as Freddie Freeman and Mookie Betts will also receive payments long after their playing days.
Bobby Bonilla’s career statistics reflect his capabilities as a player: he batted .279 with a .358 on-base percentage and a .472 slugging percentage over his tenure in the majors. From 1988 to 1991, he was among the top hitters in baseball, showcasing his talent and contributing significantly to his teams.
Ultimately, Bobby Bonilla Day serves as a reminder of the complexities of player contracts in baseball and the legacy of a player who, despite not appearing in a major-league game since 2001, continues to capture the imagination of fans and sports enthusiasts alike.