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.:
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.