A number of days in the past, the New York Mets formally re-signed nearer Edwin Díaz to a five-year deal price $102 million, the biggest contract ever for a reliever, by a large margin. The small print of Díaz’s contract are as follows:
- Díaz will obtain a $12 million signing bonus, payable as of January 2023.
- Díaz will earn a wage of $17.25 million in each 2023 and 2024.
- He’ll make $17.5 million in 2025.
- The star reliever could have an $18.5 million participant possibility for each 2026 and 2027, however should resolve on each earlier than the beginning of the 2026 season.
There’s additionally a tidbit about how the Mets may train a sixth-year workforce possibility that will pay Díaz $17.25 million in 2028. Ought to they forego that possibility, New York would owe their nearer a $1 million buyout.
Now, with a standard contract, this is able to be the top of the dialogue, however that is the Mets we’re speaking about. Based on stories, the Amazins can even be paying Díaz $26.5 million between 2033 and 2042 on prime of his $102 million (probably $118.25 million) contract.
If this sounds prefer it has occurred earlier than, it’s as a result of it has. In 2000, the Mets infamously provided to pay Bobby Bonilla’s $5.9 million contract over 25 years with eight p.c curiosity beginning in 2011, hoping that the cash they invested in Bernie Madoff would repay huge dividends. Spoiler alert! It didn’t. The notorious Ponzi scheme fell aside, and within the 11 years since they launched the outfielder, Bonilla’s $5.9 million contract rose in worth to $29.8 million. The Metropolitans are nonetheless paying that contract off immediately, and can proceed giving Bonilla simply over $1.19 million each July 1 till 2035. It’s extensively thought-about one of many worst contracts in baseball historical past.
Now, the circumstances surrounding this Díaz contract are totally different. Mets’ possession isn’t closely invested in some pyramid ploy so far as we all know and there’s no promise of curiosity for Díaz, so the deferred fee preparations ought to keep the place they’re by means of the size of the settlement. Nonetheless, why would the Mets really feel the necessity to do that? Why not simply pay Díaz in full? Possibly the Mets don’t need to spend extra money proper now. They’re already projected to have one of many highest payrolls in baseball, and including that extra $26.5 million over the subsequent 5 years ($5.3 million yearly) could be an excessive amount of for Steve Cohen. He has hinted that he doesn’t need to spend an excessive amount of greater than $300 million on subsequent yr’s workforce.
However, that only makes this contract marginally better for the Mets. It’s obviously a great deal for Díaz, who will continue to earn $2.65 million annually for a decade after he’s likely been retired for several years. Maybe the tradition of Bobby Bonilla had become so ingrained in Mets fandom that they couldn’t let the meme die. Bonilla’s contract ends in 2035, and I don’t think it’s a coincidence that Díaz’s deferred payments start just a tad earlier. New York will now owe former players money every year through 2042. No other team is in a remotely similar situation. Call me a conspiracy theorist, but I don’t think that’s an accident. This was planned. The Mets know it’s a bad deal, but they’re doing it anyway. That’s commitment to the bit, commitment to the Bonilla debacle, and if that’s truly the case, my respect for Steve Cohen just skyrocketed.