Bobby Bonilla Day explained why the Mets still pay him $1.19M each July 1

The calendar has now turned to July 1 and that means only one thing: Mets fans all over the world can wish each other Happy Bobby Bonilla Day! What's the point? Bobby Bonilla, 58, will receive a check from the New York Mets for $1,193,248.20 on Thursday. This is what he did every July 1, 2011 through 2035.

Bobby Bonilla Day explained why the Mets still pay him $1.19M each July 1

Baseball's salary structure means that Bonilla's annual salary is often higher than what some of the game’s young stars will make in any given year. This season even includes the salary for an American League MVP candidate as well as some potential 2021 All-Stars.

The Mets aren't the only ones who offer deferred payments for star players long after their last game. Former MVPs and Cy Young winners are just a few of the notable people still receiving annual paychecks from previous employers.

Here's everything you need about Bonilla and deferred cash in MLB. Also, the current players who will make less for the 2021 season that Bobby Bo will receive from The Mets on Thursday.

So Bonilla gets this payday.

The Mets purchased the $5.9 million Bonilla contract in 2000.

Instead of paying Bonilla $5.9 million, the Mets agreed that they would make 25-year payments of $1.2 million, including an 8% interest, starting July 1, 2011.

The Mets' ownership was at the time invested in a Bernie Madoff account. This account promised double-digit returns and the Mets could make a substantial profit if it delivered. But that didn't happen.

The Mets have embraced Bonilla's Day this year under Steve Cohen, their new owner. He mentioned the possibility to celebrate Bonilla at Citi Field every year soon after taking over the team last November.

This arrangement is rare!

Bonilla played last for the Mets in 1999, and in the majors for Cardinals in 2001. However, he will continue to be paid until 2035 when he will turn 72.

Below are some other notable deferred money contracts, courtesy Ryan Milowicki of ESPN Stats & Information:

Bobby Bonilla (again: He has a second deferred contract plan with the Mets, Orioles that pays him $500,000 per year for 25 years. These payments were made in 2004.

* Bret Saberhagen will receive $250,000 per year from the Mets over 25 years (payments also started in 2004; this is the inspiration for Bonilla’s deal).

* Max Scherzer will receive $105,000,000 from the Nationals, which will be paid out until 2028.

* Manny Ramirez will collect $24.2 million from the Red Sox total through 2026.

* Ken Griffey Jr. will receive $3.59 Million from the Reds each year through 2024, as a deferral of his $116 million nine-year deal signed in 2000.

* Todd Helton will receive $1.3 million annually from the Rockies through 2023, as a result of $13,000,000 deferred when the Rockies signed a two year extension in 2010.

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