It's July 1, which means it's time for one of baseball's most storied pastimes: Bobby Bonilla Day.

Friday marks the day in which the New York Mets pay Bonilla $1.19 million once every year as part of a deferred payment arrangement that lasts until 2035.

When the final payment is made, Bonilla will be 72.

The deal started in 1991, when the Mets signed Bonilla to a five-year deal that was worth $29 million, which was the richest contract in professional sports at the time.

Bonilla spent the first three and a half seasons of the contract with the Mets before being traded to the Florida Marlins. The veteran was traded back to the Mets when the Marlins tore down their 1997 World Series squad

Bonilla ended up being released in January 2000, but still had to be paid his $5.9 million salary for that season.

At the time, New York believed that they were going to make a significant profit from the team's investments with Bernie Madoff.

Because of that belief, Mets ownership deferred Bonilla's salary with eight percent interest and ended up spreading it across 25 years from 2011 to 2035.

Of Course, Madoff's ponzi scheme didn't exactly work out in the Mets' favor and the deferred payments ended up totaling $29.8 million. That $29.8 million is spread out over 25 years, which comes out to the $1.19 million annual payment.

As bad as the team's decision turned out to be, the Mets aren't the only franchise that has deferred payments on players. Let's take a look at some other players that are collected deferred payments.

Ken Griffey Jr. Manny Ramirez Matt Holliday Todd Helton Max Scherzer Bret Saberhagen Chris Davis Kevin Garnett

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