Every July 1 is known as “Bobby Bonilla Day,” a celebration unique to baseball, and a phenomenon that has made Bonilla famous long after his playing days ended. He last took the field in an MLB game in October 2001, but at the age of 62, Bonilla still receives annual payments thanks to one of the most unusual contracts in sports history.
While deferred payments have become more common, especially with teams like the Los Angeles Dodgers, none have matched the scale or notoriety of the deal Bonilla signed with the New York Mets back in 1999.
There Will Never Be Another Contract Like Bobby Bonilla’s
In 1999, Bonilla was owed $5.9 million by the Mets, a sum the team was hesitant to pay outright. Instead of cutting a check for the full amount, the Mets and Bonilla agreed to defer payments, with Bonilla receiving $1.193 million per year from 2011 through 2035. This arrangement includes annual interest, making it a financial windfall for Bonilla and a unique obligation for the Mets.
At the time, the Mets planned to invest the $5.9 million with a securities investor, expecting to benefit from high interest rates and dividends. This move gave them more flexibility to sign other players and manage their payroll. However, the outcome was far from what they expected.
Happy Bobby Bonilla Day: Bonilla is set to collect another $1.193 million from the NY Mets today, as he will each July 1st through the year 2035. pic.twitter.com/cYePtC47qe
— Adam Schefter (@AdamSchefter) July 1, 2025
The Mets’ investment plan backfired when it was revealed that Bernie Madoff, the investor, was running the largest Ponzi scheme in history. Madoff was sentenced to 150 years in prison in 2009, and the Mets lost out on the returns they expected. As a result, the team must still set aside more than $1 million each July 1 to pay Bonilla for the next decade, Bobby Bonilla Day.
Bonilla’s time with the Mets included two separate stints, and he became the highest-paid player in the league when he signed with the team ahead of the 1992 season. His annual salary exceeded $6 million from 1992 to 1995, making him a standout in the sport at the time.
By 1999, however, his performance had declined, and he was a secondary figure when he re-signed with the Mets. Still, two of his six All-Star seasons came with the Mets, and he became a World Series champion a few years after leaving New York.
As a three-time Silver Slugger, Bonilla’s legacy is secure. The Mets’ decision in 1999 to defer his payments created a contract structure that has never been replicated. Deferred contracts remain a part of the game, but no deal has matched the scale or lasting impact of Bonilla’s arrangement with the Mets.