Former MLB outfielder Bobby Bonilla has received $1,193,248.20 per year every July 1 for a decade from the New York Mets, his old team, as part of a contract buyout agreement made in 2000.
Bonilla has received that money (and will through 2035) even though he's been out of the bigs for 19 years, and Portland Trail Blazers shooting guard CJ McCollum and Brooklyn Nets point guard Spencer Dinwiddie took notice of what may be the best deal for any player (or ex-player) in professional sports.
As Dinwiddie noted, the Mets were banking on being able to comfortably pay for the buyout thanks to investments made with ex-NASDAQ chairman and former financial adviser Bernie Madoff, but he was infamously caught operating a multi-billion dollar Ponzi scheme that eventually sent him to prison and left people out of nearly $19 billion collectively.
ESPN.com's Dan Mullen provided more information on the Bonilla agreement, most notably the 8 percent interest rate that the Mets had to tack onto their buyout:
"In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla's contract.
"However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.
"At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns, and the Mets were poised to make a significant profit if the Madoff account delivered -- but that did not work out."
Bonilla, a six-time All-Star outfielder, played for eight MLB teams from 1986 to 2001. He had two different stints with the Mets, the first from 1992 to 1995 and the second in 1999.