I've railed for some time that Major League Baseball needs some sort of salary cap to save the owners from themselves.
For some odd reason, owners don't seem to want any part of that sort of thing. But a story in the New York Post this weekend serves as proof that MLB owners can't be trusted not to strangle America's game to death.
It seems that the Mets, desperate to get rid of former Cardinals outfielder/emergency relief pitcher a decade ago, thought that it would be a better idea to defer his remaining salary payments instead of paying him a lump sum of $5.9 million. Deferred at 8 percent interest until July of 2011, the Mets now owe Bonilla $1.25 million annual payments for the next 25 YEARS!
Who thought that was a good idea.
I wonder how willing players will be in the future to accept deferred deals after what happened to Alex Rodriguez when the Rangers went bankrupt last year. A-Rod, an unsecured crediter in the eyes of bankruptcy court, will be lucky to get pennies on the dollar for the tens of millions deferred on his $252-million, 10-year deal from Texas. I sure hope he can make ends meet.