Bobby Bonilla Day, explained: Why does the former Mets star get paid every July 1?

David Suggs

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Bobby Bonilla Day, explained: Why does the former Mets star get paid every July 1? image

For so many, July 1 represents the true start of the heart of summer. For Bobby Bonilla, it represents a massive payday.

Bonilla hasn't played an MLB game in nearly 25 years. But he's still on the New York Mets' payroll. And July 1 is the day Bonilla receives his annual compensation from the Mets.

The five-year, $29 million deal Bonilla inked with the Mets in 1991 is widely considered one of the worst contracts in MLB history from a team perspective, even if today it pales in comparison to most hefty deals So much so that New York opted to buy out Bonilla's contract in 2000.

So how much does Bonilla get paid on "Bobby Bonilla Day?" And how much longer will the Mets be paying him? Sporting News has you covered:

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What is Bobby Bonilla Day?

Bonilla receives an annual payment of more than $1 million from the Mets each year on July 1. Because the tradition has lasted so far beyond Bonilla's playing days, July 1 has become known as "Bobby Bonilla Day."

Financial incompetence is the simple answer to why the Mets are still paying him. Bonilla signed a five-year, $29 million deal with New York in 1991 and proceeded to be fairly productive in his first three-and-a-half years in Queens, hitting 73 home runs and posting a 128 OPS+ from 1992-1994.

The Mets traded Bonilla to the Orioles midway through the 1995 season, setting off a four-year spell where Bonilla would play for four different teams.

He returned to the Mets in 1999 but was released in 2000. New York still was on the hook for $5.9 million. Mets ownership, locked into doomed investment partnerships with Bernie Madoff, believed it more financially viable to defer payment for Bonilla's contract, spreading it across 25 years (2011-2035) with eight percent interest.

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How much are the Mets paying Bobby Bonilla?

Like clockwork, Bonilla receives $1,193,248.20 on July 1. It tends to put a smile on his face.

“My text messages blow up,” Bonilla told Action Network's Darren Rovell. “It’s way bigger than my birthday. And it’s a fun day because it always brings a smile to my face. I was happy that I put the money away.”

That initial $5.9 million fee now sits at $29.8 million. It's easy to see why Bonilla is smiling.

Bobby Bonilla contract

Bonilla didn't sign a contract with deferred payments, like Shohei Ohtani or a few other stars have done in recent years. Instead, he worked out a deal with the Mets around the terms of his release in 1999. Rather than pay out $5.9 million to Bonilla to cut him loose, the Mets agreed to defer payments until 2011 and then pay him $1.19 million annually after eight percent interest. 

Then-Mets owner Fred Wilpon believed his investments with Bernie Madoff would allow him to easily pay off the deal at that point, but Madoff would spend his final years in prison after his Ponzi scheme was unearthed in 2008.

When does Bobby Bonilla day end?

The terms of Bonilla's payment plan ensure that Bonilla will keep getting his $1.19 million-plus every July 1 until 2035. He'll be 72 years old by then, still rolling in the Mets' riches.

Bonilla had a great career, all things considered. He won three Silver Sluggers and finished second in NL MVP voting to Pirates teammate Barry Bonds in 1990. Yet for all he accomplished on the field, the Bronx native's career has been largely defined by the money he's earned off it.

That doesn't bother Bonilla, though. Signing with the Mets gave him a chance to "see [his] dad every home game.”

The money doesn't hurt, either.

“People say, ‘Oh, that’s Bobby Bo,'” Bonilla told Rovell. “‘Oh my goodness. He is part of one of the greatest contracts in sports. I love what he did.’ And that kind of brings a smile to my face.”

Bobby Bonilla gif, explained

The Mets would prefer not to celebrate each July 1, but Bobby Bonilla Day has become something of a social media holiday for baseball fans. 

Numerous posts — including gifs just like this — flood social media for one day each year to note Bonilla's big day. 

The fascination with Bonilla's payment plan continues to grow as the years go by. Fewer and fewer people actually remember Bonilla playing for the Mets, or even playing baseball at all, yet he continues to rake in more than $1 million each year.

By the time Bonilla's annual payments stop, anyone under 34 will not have even been alive at any point during his playing career.

Bobby Bonilla net worth

Bonilla has a net worth of about $20 million, according to Celebrity Net Worth. While he's been away from baseball for nearly a quarter-century, the money keeps flowing for Bonilla as a result of the Mets' poor foresight. 

David Suggs

David Suggs is a content producer at The Sporting News. A long-suffering Everton, Wizards and Commanders fan, he has learned to get used to losing over the years. In his free time, he enjoys skateboarding (poorly), listening to the likes of Stevie Wonder, Marvin Gaye and D’Angelo, and penning short journal entries.