Issue: We are obviously talking about money here, right?
Short Answer: No doubt.
Reasoning: There once was a man named Bobby Bonilla. Baseball fans surely know who he is, as years ago, he was actually a heck of a player. Wikipedia (yeah, yeah, yeah) tells us that he was a six time all-star selection (1988-1991, 1993, 1995), a three time Silver Slugger award winner (the best offensive player at each defensive position - 1988, 1990, 1991), and he won a World Series title with the Marlins in 1997. Not too shabby. However, Bonilla did play for eight different teams and has often been known as somewhat of a malcontent, having more than one run-in with teammates and media members. He is also well known for signing a 5-year, $25 million contract in 1992 with the New York Mets, that, at the time, made him the highest paid player in MLB. However, it was a contract he never lived up to. Yet, it was his second free-agent contract, this time signed with the Florida Marlins in 1996 for 4-years, $23.3 million, that is still making news today, thanks to the New York Mets.
See, the Mets, for reasons still unknown to all in baseball, decided to bring Bonilla back to the team before the beginning of the 1999 season. Bonilla was paid his salary in 1999 even though he hit .160 with four home runs in only 60 games. After the season, the Mets decided they didn't want Bonilla around, and they outright released him. When a team releases a player, that team is still responsible for any remaining salary that player is due. In 2000, Bonilla was owed $5.9 million. So, when Bonilla signed with the Atlanta Braves before the 2000 season, his paychecks would still be coming from the New York Mets. Or, perhaps they could work out a "better" deal for both parties. I wish this was a story about the greatest agent who ever lived. But, as you read the next paragraph, remember that Dennis Gilbert, who represented Bonilla early in his career, was quoted in the Wall Street Journal as saying, "The idea wasn't completely unilateral. It wasn't one way. Both sides thought it was a good idea."
What did Bonilla and the Mets think was a good idea? The Mets deferred Bonilla's payment of $5.9 million so they could free up more money to go after free agents. Back in 2000 this wasn't unheard of. But, when the deferment runs out, every party involved has to relive the deal they made, whether they came out on the good end or the bad end. The party who came out on the bad end here, was the New York Mets. In deferring $5.9 million they did have enough money to sign Mike Hampton, Derek Bell, and Todd Zeile. With these players, the Mets went to the World Series in 2000 for the first time since 1986. But, they lost to the Yankees. Since then, they have only reached the playoffs once (2006). So, how did Bonilla come out? Well, starting on July 1, 2011, Bonilla will begin receiving payments from the Mets for $1,193,248.20 per year, for the next 25 years. I will give you a second to read that over again. See, when Bonilla and the Mets agreed to the deal, they agreed interest would be paid on that $5.9 million. In fact, the interest rate was a sticking point in the negotiations between the parties. They eventually agreed on 8%. So, apply that interest rate to $5.9 million, over the last 10 years, and the total sum Bonilla will receive from the Mets over the next 25 years is a whopping $29,831,205. That says THIRTY MILLION DOLLARS, just in case you missed it. Turns out you don't need a great agent to negotiate great deals. All you need to do is make sure you are negotiating with a complete and utter idiot, like former Mets GM Steve Phillips. Here's to you Mr. Bonilla.
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