Do you realize the two highest paid Mets outfielders are players no longer with the team?
The Mets made both decisions to get out of bad situations and maintain cost certainty, but in this case it came back to bite them. The first thing a financial advisor tells you is previous success is not a guarantee of future success. The Mets didn’t consider that advice.
Add the $3 million buyout to what the Mets owed Bay (including interest) and it comes to $21 million, paid out in a lump sum and deferred payments over the next several years. The deal also made Bay a free agent and he signed with Seattle. That gave Bay the chance to collect from two teams. Nice deal for him.
The Mets liked the arrangement because the Bay signing was a bust and this freed money for GM Sandy Alderson.
As for Bonilla, the Mets wanted to release him prior to the 2000 season, but didn’t want to eat the $5.9 million on his contract. Instead, the Mets agreed to a 25-year, $29.8 million deferred plan that pays Bonilla nearly $1.2 million annually. Including his pension, income from the Players Association and whatever investments he owns, Bonilla has a great retirement package. Oh, I forgot, there’s also social security.