Shockingly, the president of the More Money Than Brains Club has again opened up the wallet to obscenely overpay for the top player on the free agent market.

According to ESPN, Josh Hamilton has signed a five-year, $125-million contract with Arte Moreno's Anaheim Angels.

Let's take the guy who lost three years of his career to drug and alcohol abuse and drop him in the middle of La La Land. Now that sounds like a great idea.

Hamilton, apparently because of his history of substance abuse, couldn't get more than passing interest from his own club which he offered the right to match any deal he could get on the free agent market. Apparently, they passed.

Reportedly Seattle and Philadelphia were interested in deals in which he might make a higher salary for a shorter term -- like $25 million a year for three seasons. But the Angels nuked the "competing" offers as they try to buy a championship.