KevFu
Registered User
Well, I'm not sure it's quite that clear cut. Phillips explained it quite well. Dennis Gilbert was big on deferring salaries as you mention. The problem was when they evaluated it, Madoff's people said they could make $60 million based on their return projections, so the deal as it is now made "sense" and the Mets could more than double their money.
The Mets fell for the idea they could take the deferment, and make themselves a boatload of money on that deferment. They've paid $20 million (minus time value of money) over what they needed to, because it is quite unlikely they actually profited on any investment they made with the original salary. Do they defer, or handle it differently if Madoff isn't involved? I think at least some of the ridicule is justified.
I'm not sure what to make of Cabrera's contract. (I'm a Tigers fan.) You have a guy who was an historic hitter, and the skills usually age well. But you take the risk of injury, and his knees went, which has killed his lower body power. Add in the current economics and the contract does look like an albatross. But if tickets are ever able to be sold, he may be the only reason to watch the team the next season or two as he goes for 500 home runs/3000 hits, so there is some value there. It also came from Mike Illitch wanting a World Series win before he shuffled off this mortal coil, and was willing to spend to do it.
I used the Miggy contract merely as a reference point about how including the Bonilla deferred payments into Wright's contract show you that Wright was a great value All-Star player before injuries set him back; I picked Miggy because of the similar ages and contracts in the same $250-$350 range over 13-15 years, and EVERYONE knows what a freaking monster Miggy was at the plate.
But I feel you're "I'm not sure how clear cut it is" is actually backing my "clear cut" post: They fell for Bernie Madoff. That's it. That's how clear cut it is. It was a great deal when they made it because they thought they were getting 20% on the interest because Madoff was a scam artist.
The sole reason the Mets got mocked for Bonilla is because after the Madoff scandal, they cut their payroll drastically because they had budgeted for a lot more money than they actually had coming in and when it was revealed to be smoke and mirrors and not cash, they were hosed. So lazy journalists ran with the Bonilla Day story; again TOTALLY IGNORING that Bret Saberhagen, Carlos Beltran and dozens of Mets players and dozens of players from every other team is getting deferments.
The 2001 Diamondbacks had a $85 million payroll.... NO ONE NOTICED OR CARED that they actually had $250 million in deferred payments to 18 guys on the roster. They just now finished paying off their 2001 championship. The Nationals did the same thing the last five years. Max Scherzer STARTS getting $10 million in deferred money in 2024 for 7 years.
It's that way all around baseball. The Cardinals are paying Matt Holliday $2 million a year thru 2029. Ichiro gets $5 million a year through 2032, Ryan Braun $3 million through 2031, Ken Griffey Jr $3.5 mil through 2024.
The only reason to mock the Mets for a practice everyone does is because the Mets outfield was four guys making $2 million combined after Madoff, while Bonilla got $1.12 million on July 1.