FLUSHING, QUEENS, N.Y. (CBSNewYork)- Happy Bobby Bonilla Day!

Today, July 1, as it has been for the last nine years and will be for the next 15, is unofficially Bobby Bonilla Day.

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Why, you ask?

Because today is the day that Bobby Bonilla — who hasn’t donned a Mets uniform since 1999 — receives a $1.19 million check from the Mets as a part of the (brilliant) deal that his agent made with the team. The way the deal is structured, Bonilla will continue to be paid $1.19 million until 2035, at which point he will have been paid out the entirety of his multi-million dollar deal.

Here’s the scoop on how the deal works, courtesy of Dan Mullen at ESPN.

From ESPN.com: 

“In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla’s contract.

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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.”

The Madoff account of course, did not deliver, leaving the Wilpons in a financial bind. Regardless, Bonilla’s deferred contract isn’t the only one in Major League Baseball, in fact, they have become more popular in recent years. Mullen notes that Bonilla actually has a second deferred contract from the Mets and Orioles that pays him $500,000 a year for 25 years beginning in 2004.

The franchise also agreed to a deferred contract plan with pitcher Bret Saberhagen that began in 2004 and pays the pitcher $250,000 every year for 25 years.

Other franchises have deferred contract plans as well with the Washington Nationals set to pay pitcher Max Scherzer $105 million in deferred payments through 2028 and the Boston Red Sox paying Manny Ramirez $24.2 million total through 2026.

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So, another Bobby Bonilla day is here, with the countdown until the deferred payment plan is up now sitting at 15 years.