A couple 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, via a large margin. The main points 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 famous person reliever can have an $18.5 million participant possibility for each 2026 and 2027, however will have to come to a decision on each prior to the beginning of the 2026 season.
There’s additionally a tidbit about how the Mets too can workout a sixth-year group possibility that may pay Díaz $17.25 million in 2028. Will have to they forego that possibility, New York would owe their nearer a $1 million buyout.
Now, with an ordinary contract, this will be the finish of the dialogue, however that is the Mets we’re speaking about. Consistent with reviews, the Amazins may also be paying Díaz $26.5 million between 2033 and 2042 on most sensible of his $102 million (doubtlessly $118.25 million) contract.
If this sounds adore it has took place prior to, it’s as it has. In 2000, the Mets infamously introduced to pay Bobby Bonilla’s $5.9 million contract over 25 years with 8 p.c passion 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 price to $29.8 million. The Metropolitans are nonetheless paying that contract off these days, and can proceed giving Bonilla simply over $1.19 million each and every July 1 till 2035. It’s extensively thought to be probably the most worst contracts in baseball historical past.
Now, the instances surrounding this Díaz contract are other. Mets’ possession isn’t closely invested in some pyramid ploy so far as we all know and there’s no promise of passion for Díaz, so the deferred cost preparations will have to keep the place they’re throughout the duration of the settlement. Nonetheless, why would the Mets really feel the wish to do that? Why no longer simply pay Díaz in complete? Possibly the Mets don’t need to spend extra money presently. They’re already projected to have probably the most best possible payrolls in baseball, and including that further $26.5 million over the following 5 years ($5.3 million every year) can be an excessive amount of for Steve Cohen. He has hinted that he doesn’t need to spend too a lot more than $300 million on subsequent yr’s group.
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.