Why July 1 is Bobby Bonilla Day: MLB’s Most Famous Deferred Contract Explained

Every year on July 1, baseball fans lightheartedly celebrate Bobby Bonilla Day, when the former New York Mets outfielder receives a check for $1.19 million — despite having retired over two decades ago.

The celebration isn’t official, but it’s become an enduring tradition that reflects the quirks of Major League Baseball’s financial strategies — specifically, deferred contracts.

💸 How Bobby Bonilla Secured the Sweetest Deal in Sports

Back in 1999, Bonilla was nearing the end of his playing career and had become a burden on the Mets' roster. Rather than pay him the $5.9 million he was owed outright, the team struck a unique deal with Bonilla and his agent: they’d defer the payment, spreading it out over 25 years with 8% interest, beginning in 2011.

That deal now nets Bonilla $1.19 million every July 1 — all the way through 2035. By the time it ends, Bonilla will be 72 years old.

⚾ The Backstory: A Trade, A Buyout, and a Bold Bet

Bonilla originally signed a $23.3 million contract with the Florida Marlins in 1997, helping them win the World Series before being traded to the Dodgers in 1998 and back to the Mets later that year. His 1999 season in New York was disastrous — he hit just .160 in 60 games and had tension with manager Bobby Valentine.

The Mets wanted him gone, but instead of paying the buyout in a lump sum, they chose the deferred option. Why? Then-owner Fred Wilpon believed he could invest the money with Bernie Madoff’s fund and beat the payout schedule.

Of course, Madoff’s operation was revealed to be a Ponzi scheme. But the Bonilla payments? Still guaranteed.

🧮 Why MLB Teams Use Deferred Contracts

Deferred payments allow teams more flexibility in the short term, freeing up salary room to pursue other players. In Bonilla’s case, it allowed the Mets to free up $5.9 million in 2000. For the player, it can provide long-term financial security — and in many cases, more money overall due to interest or added years of payment.

That strategy has seen a resurgence in recent years, particularly with players like Shohei Ohtani, who signed a groundbreaking 10-year, $700 million contract with the Los Angeles Dodgers in 2023. He’ll only earn $2 million annually for the first decade — the remaining $680 million will be paid between 2034 and 2043.

🔁 Who Else Has Long-Term MLB Payday Deals?

While Bonilla is the poster child for deferred contracts, he’s far from alone:

• Shohei Ohtani (Dodgers): Will earn $68 million annually from 2034 to 2043.
• Max Scherzer (Nationals): Gets $15 million annually from 2022–2028.
• Rafael Devers (Giants via Red Sox): Receives $7.5 million twice a year until 2043.
• Chris Davis (Orioles): Will receive payments through 2037.
• Manny Ramirez (Red Sox): Receives $2 million per year through 2026.
• Bret Saberhagen (Mets): Gets $250,000 annually through 2029.
• Bonilla (again): Also gets $500,000 annually from the Orioles through 2028.

🎉 The Mets Embrace the Meme

New Mets owner Steve Cohen has joked about leaning into the Bonilla tradition. In 2020, he suggested on X (formerly Twitter) that the team should hold an annual ceremony at Citi Field with Bonilla doing a victory lap in a convertible while holding an oversized check.

While that hasn’t happened yet, the Mets did run a special Airbnb experience in 2021, allowing four fans to spend the night in a luxury suite at Citi Field on Bobby Bonilla Day.

📈 Deferred Deals: A Win-Win?

While deferred payments are sometimes mocked, they often serve both players and franchises well — giving teams budget room now and players long-term financial security.

In Bonilla’s case, he turned a quiet exit from the game into an annual payday, a viral meme, and one of the greatest retirement packages in sports history.