Sunday is July 1, which means it is Bobby Bonilla's day to get paid by the New York Mets.

The Mets, as part of a buyout agreement with Bonilla, will cut the former All-Star a check for $1,193,248.20 on July 1 every year from 2011-35. This is Bonilla's eighth annual payment.

Why are the Mets still paying Bonilla, who hasn't played since 2001? It's a little complicated. 

The team released Bonilla in January 2000 even though they still owed him $5.9 million in salary. Rather than accept the $5.9 million up front, Bonilla agreed to defer the money in exchange for 8 percent interest. 

By time 2011 rolled around, the first year Bonilla was paid under the deferment agreement, the $5.9 million had grown to $29.8 million. Spread that $29.8 million across 25 years from 2011-35 and you get that $1,193,248.20 annual payment. It's good work if you can get it.

Bonilla is 55 years old, so when he receives his final payment from the Mets in 2035, he'll be 72. We created a bobblehead to immortalize Bonilla's annual deferment payments:

Look at the baseballs on the bottom of the walker! Jarod Valentin, CBS Sports

Deferments are not uncommon at all. Lots and lots and lots of players receive deferred payments. Not many have been able to cut a deal like Bonilla's however. He'll bank an extra $23.9 million through interest by waiting a decade for his first payment.