Bobby Bonilla is a retired MLB player who played his last baseball game in 2001 and has been living this luxurious reality for the past 23 years. 

Every year, on July 1st, Bonilla gets paid $1.2 million, and this will continue until he turns 72 in 2035. This staggering amount is paid out despite Bonilla not stepping onto the field for over 34 years.

The story behind this arrangement began in 1999 when the New York Mets considered waiving Bonilla but still owed him $5.9 million from his contract. 

Rather than a traditional buyout, Bonilla's savvy agent negotiated a deal to defer payments until 2011, with an 8% annual interest rate. 

By deferring the payments, the Mets aimed to create an annuity with a securities investor, expecting high returns in annual dividends. 

They also freed up the $5.9 million from their payroll, allowing them to sign other players without exceeding the total roster payroll, which could incur league taxes.

Now, you might be wondering why the Mets would agree to such a deal. 

Enter Bernie Madoff. One of the Mets' owners, Fred Wilpon, was entangled in Madoff's infamous Ponzi scheme. 

If you’re unfamiliar with Bernie Madoff, he was a former chairman of NASDAQ and a highly respected figure on Wall Street. However, he was secretly running the largest Ponzi scheme in recorded history. 

In a typical Ponzi scheme, returns to earlier investors are paid using the capital from newer investors rather from the profit earned by the operator. 

Wilpon believed the returns from Madoff's investment strategy would outweigh the eventual deferred sum of Bonilla's contracts. Unfortunately, this didn't pan out. And the Mets never saw the expected returns.

Madoff's scheme promised consistently high returns, attracting a vast number of investors, including individuals, charitable organizations, and major financial institutions.

For years, Madoff fabricated account statements and trade confirmations. He gave the illusion of a profitable enterprise. However, the financial crisis of 2008 led to a surge in withdrawal requests that Madoff could not fulfill, revealing the fraud for what it is.

In 2009, Madoff was convicted and sentenced to 150 years in prison for securities fraud. His downfall resulted in devastating financial losses for thousands of investors, including the New York Mets, who had heavily invested with him.

As a result, every July 1st, Bonilla receives a significant windfall of $1.2 million, leading many to ponder whether this is one of the most extraordinary contracts in sports history. 

The fallout of Madoff's crimes financially crippled the Mets for the rest of Wilpon's tenure until the team was sold to Steve Cohen in late 2020.

"Bobby Bonilla Day" has become an ironic anti-holiday for fans who commemorate the fact that the Mets are paying a now 61-year-old Bonilla nearly $1.2 million every July 1st until 2035. 

Despite Bonilla being a talented player with six All-Star selections and three Silver Slugger Awards, he is now remembered more for his lucrative deferred payment deal than his on-field achievements.

This deal stands as a testament to the power of leveraging time when it comes to money. Bonilla's agent, recognizing the Mets' challenging position, secured a win regardless of how the situation unfolded. 

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