July 1 is annually known as “Bobby Bonilla Day” in the sports world.
However, it could have several other different names also.
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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.
| Player | Age | Salary collected in 2023 | Team owing money |
|---|---|---|---|
| Chris Davis | 37 | $14,833,333 | Baltimore |
| Ken Griffey, Jr. | 53 | $3,593,750 | Cincinnati |
| Jon Lester | 39 | $3,000,000 | Washington |
| Manny Ramirez | 51 | $2,028,557 | Boston |
| Dustin Pedroia | 39 | $2,000,000 | Boston |
| Rafael Soriano | 43 | $2,000,000 | Washington |
| Ryan Braun | 39 | $1,800,000 | Milwaukee |
| Todd Helton | 49 | $1,300,000 | Colorado |
| Bobby Bonilla | 60 | $1,193,248.20 | NY Mets |
| Darren O’Day | 40 | $1,000,000 | Baltimore |
| Lorenzo Cain | 37 | $1,000,000 | Milwaukee |
| Bret Saberhagen | 58 | $250,000 | NY Mets |
| Vinny Castilla | 55 | $106,666 | Colorado |