Every July 1, millions of baseball fans across the country recall a name that had been long forgotten on the field: Bobby Bonilla. Despite hanging up his gloves in 2001, Bonilla still receives $1,193,248 a year from his former team the New York Mets — a financial “legacy” that no one could have imagined when the deal was signed in 1999.
In 1999, the Mets wanted to liquidate Bobby Bonilla’s remaining $5.9 million contract. Instead of paying it outright, the team agreed to delay the payment and instead committed to paying it in installments starting in 2011, plus 8% interest each year. The result: The Mets will spend nearly $30 million over 25 years, from 2011 to 2035.
Sound like a “disaster” deal? Maybe. But for fans and the media, it was a historic hit. “Bobby Bonilla Day” has become an unofficial holiday—a place of humor, regret, and admiration.
“It’s hard to believe that Bobby Bonilla makes nearly $1.2 million a year after being out of the game for nearly a quarter of a century.”
Bonilla isn’t the only one enjoying a post-career “baseball pension.” The Mets have also been paying Bret Saberhagen $250,000 a year since 2004. Meanwhile, the retired Baltimore Orioles’ Chris Davis has nearly $60 million in deferred compensation that will be paid out through 2037.
Such cumulative salaries are becoming a “lesson” for teams facing modern megacontracts.
“Bobby Bonilla Day” has become more than a joke, it has become a cultural icon of sports. Current Mets owner Steve Cohen has even proposed holding an annual event to commemorate “the happiest day of the summer.”
“Rather than shying away from it, we embrace and celebrate Bonilla Day — as part of our team’s history,” a Mets spokesperson said.
As stars like Shohei Ohtani sign multimillion-dollar contracts with deferral clauses, Bonilla’s story reminds us that money is always worth something — especially when you put it off for decades.
Bobby Bonilla has long since retired from the game, but every year, with just one signature more than two decades ago, he still makes headlines. It may have been a “financial mistake” for the Mets, but for the rest of baseball, it was the greatest contract ever signed by a former player.
And then… next year, on July 1, we’ll be saying the familiar words: “Happy Bobby Bonilla Day!”