Entertainment Sports Every July 1 Is a $1 Million Payday for Former Mets Player Bobby Bonilla — Here's Why Bobby Bonilla last played for the New York Mets in 1999 and will continue to be paid until 2035 By Jason Hahn Jason Hahn Jason Hahn is a former Human Interest and Sports Reporter for PEOPLE. He started at PEOPLE's Los Angeles Bureau as a writer and reporter in 2017 and interviewed the likes of Kobe Bryant, Arnold Schwarzenegger and Tom Brady. He has a B.A. in English from the University of California, Berkeley, and a Master's degree in Journalism from Columbia University. He previously worked for Complex Magazine in New York City. People Editorial Guidelines Published on July 1, 2020 04:46PM EDT Photo: Matthew Stockman /Allsport Collecting a multimillion-dollar paycheck long after you left your job almost sounds too good to be true, but Bobby Bonilla has one such deal. The retired MLB player is set to receive nearly $1.2 million from the New York Mets on Wednesday, even though he last played for the team in 1999, ESPN reported. It was during that year that the Mets, seeking a buyout of Bonilla, offered to pay him the remaining $5.9 million left on his contract. But instead of paying Bonilla the money in one lump sum, the Mets agreed to pay him nearly $1.2 million every year for 25 years starting July 1, 2011, according to the outlet. The amount would also include 8 percent interest. According to CNN, Mets owner Fred Wilpon believed he was making a sound financial decision because he was instead going to use the money owed to Bonilla to invest with Bernie Madoff — who later was revealed to be running a Ponzi scheme. The Mets did not immediately return PEOPLE's request for comment. Major League Baseball Players to Take Part in Massive Coronavirus Antibody Study to Figure Out Immunity Ronald C. Modra/Getty Mary Pratt, Baseball Player Who Helped Inspire A League of Their Own, Dies at 101 CNN estimates 57-year-old Bonilla will earn $29.8 million by the time the Mets finish paying him in 2035 when he's 72. The Mets' annual July 1 payment to Bonilla have led to baseball fans jokingly referring to the date as "Bobby Bonilla Day." RELATED VIDEO: Michael Jordan Turned Down $100 Million to Appear at an Event for 2 Hours, Former Agent Says "Happy Bobby Bonilla Day. Hope you’re all celebrating with your friends and family!" one Twitter user wrote. "Imagine not going to your job for almost 20 years and they pay you 1.19 million every July 1st till 2035," added another user. "Happy Bobby Bonilla Day, Mets."