Good Work If You Can Find It
The major league baseball season starts this week, for those who follow it. I gave up on it after political slogans started showing up on the pitcher’s mound and outfield walls a few years ago.
But a story posted to the Fox Business website caught my eye: Ken Griffey, Jr., will be the fourth-highest paid player on the Cincinatti Reds this season.
That caused me to stop, since I thought he was long retired. Sure enough, he played his last game in 2010 and was inducted into the Baseball Hall of Fame in 2016.
No, it’s not a comeback…it’s part of a deferred payment contract.
After 11 seasons with Seattle, Griffey Jr. joined the Reds in 2000…that was the same club his father played for and won two World Series titles with, in the 1970s. He signed a nine-year deal for $112.5 million, with deferred payments being made through next year, 2024.
Looks like $3.5 million of that is going into his bank account this year alone…and only three current players on the team that went 62-100 last year will earn more—for actually setting foot on the field.
Deferred compensation deals are not uncommon, especially in sports. The New York Mets are paying former outfielder Bobby Bonilla $1.19 million this year…and every year through 2035.
It’s actually very smart for both the team and the player…the team can shift the financial obligation to another year, the player knows there will be money out there if hard times hit, or if the player did not save enough while playing.
I’d be happy to defer some of my compensation to later years…but hard to slice such a small pie that thin.
