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CJ McCollum, Spencer Dinwiddie Discuss Bobby Bonilla's Mets Contract on Twitter

Paul KasabianSenior ContributorJuly 2, 2020

12 Apr 1999:  Bobby Bonilla #25 of the New York Mets at bat during the game against the Florida Marlins at the Shea Stadium in Flushing Meadows, New York. The Mets defeated the Marlins 8-1. Mandatory Credit: Ezra O. Shaw  /Allsport
Ezra Shaw/Getty Images

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.

CJ McCollum @CJMcCollum

😂 https://t.co/5O275tJdRy

CJ McCollum @CJMcCollum

I like it ! I’m a give me my money now so I can invest it right away type of fellow but that long term bread ain’t bad either. Passive income flowing https://t.co/cHwAkg2bnA

Spencer Dinwiddie @SDinwiddie_25

@CJMcCollum The reason it worked is because they ain’t the same amount. It was either like 5M up front. Or the 1.3M every year for 25yrs. If it was 5M spread over 25yrs would’ve been dumb. Said the owner was caught in a Madoff scheme

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.