Bobby Bonilla's Pay Day

[Patch]

It's Bobby Bonilla's annual MLB pay day. Probably the best contract ever written, an accepted for an athlete. 

He gets $1.19+ million dollars a year that started in 2011, and will end in 2035. The original contract was for a little over $5 million. Due to some technicalities, his agent was able to get that original $5+ mil contract spread out over 24 years, at 8%.

Good for him.

[Shindig]

I haven't followed baseball in a long while but I love this story.  

 

I realize I could Google this question, but experience has shown me that baseball fans like talking about these things.  How does this affect the salary cap?

[iacas]

54 minutes ago, Shindig said:

I realize I could Google this question, but experience has shown me that baseball fans like talking about these things.  How does this affect the salary cap?

What salary cap?

[Shindig]

Just now, iacas said:

What salary cap?

I thought baseball had a salary cap.  I guess from your response MLB doesn't?

[iacas]

8 minutes ago, Shindig said:

I thought baseball had a salary cap.  I guess from your response MLB doesn't?

No.

[Patch]

4 hours ago, Patch said:

It's Bobby Bonilla's annual MLB pay day. Probably the best contract ever written, an accepted for an athlete. 

He gets $1.19+ million dollars a year that started in 2011, and will end in 2035. The original contract was for a little over $5 million. Due to some technicalities, his agent was able to get that original $5+ mil contract spread out over 24 years, at 8%.

Good for him.

My mistake. It is every year, on July 1st, for 25 years. 

[iacas]

2 minutes ago, Patch said:

My mistake. It is every year, on July 1st, for 25 years. 

He also gets paid for something else, Baltimore, for 15 years or something IIRC.

[Golfingdad]

1 hour ago, Shindig said:

I thought baseball had a salary cap.  I guess from your response MLB doesn't?

They have some kind of, I guess you’d call it a “soft” salary cap.  There is a number that you are allowed to go above but when you do you pay a luxury tax.  There are like a half dozen teams, I think, that routinely go above the cap. (Yankees, Red Sox, Dodgers for certain)

[Hardspoon]

On 7/1/2018 at 7:05 PM, Golfingdad said:

There are like a half dozen teams, I think, that routinely go above the cap. (Yankees, Red Sox, Dodgers for certain)

The Yankees, Dodgers, and Red Sox are the only ones that "routinely" go over.  The payroll imbalance is pretty insane.

On 7/1/2018 at 6:23 PM, iacas said:

He also gets paid for something else, Baltimore, for 15 years or something IIRC.

Yup:

And now get ready for the real kicker. Gilbert recently sat down with ESPN for a new digital series for FiveThirtyEight, "Contracts," debuting later this summer. He said that Bonilla actually has another deferred deal with the Mets that makes another $12.5 million. It was part of his first deal with the team that ran from 1992 to 1996. The $29 million deal made Bonilla the highest-salaried player in baseball at the time. Part of the deal was to defer some money, which resulted in Bonilla getting $500,000 a year from 2004 through 2023. The Mets shipped Bonilla to the Orioles for the last season and a half of that deal, so they split the fare with Baltimore.

 

 

 

[iacas]

There are a lot more than just Bobby Bonilla, apparently.

[flopster]

On 7/1/2018 at 4:05 PM, Golfingdad said:

They have some kind of, I guess you’d call it a “soft” salary cap.  There is a number that you are allowed to go above but when you do you pay a luxury tax.  There are like a half dozen teams, I think, that routinely go above the cap. (Yankees, Red Sox, Dodgers for certain)

Watch the  movie "moneyball" and you will get a better understanding of what happens in pro sports with no cap.