Most Overpaid Players In Pro Sports?

[TJL]

not true

To criticize the deal is to not understand that Bonilla gained nothing and the Mets actually came out ahead in the deal.

If Bonilla had accepted the $5.9 million in 2000 and invested the entire amount at 8% interest, the original investment would have grown to $104.1 million by 2035*. If instead, Bonilla takes his annual payment and invests that with an 8% annual return, he would have $95.2 million by 2035….

But more importantly to the Mets, if they invested the $5.9 million at 8% interest in 2000. That money would have grown to more than $14 million before they had to make a single payment. And that money would continue to draw interest even while they are making payments

So just like uncle sam does Holds your money all year then gives it back

Lol @ a pro athlete investing his salary

I understand the deal, completely, it did workout for the Mets, not a bad deal at all.

But now the dude has an annual income for close to the rest of his life, just thru sports, something almost no athlete can say

 

[Fountain City Blues]

Never can go wrong with Bonilla

 

[cerealboi]

not true

To criticize the deal is to not understand that Bonilla gained nothing and the Mets actually came out ahead in the deal.

If Bonilla had accepted the $5.9 million in 2000 and invested the entire amount at 8% interest, the original investment would have grown to $104.1 million by 2035*. If instead, Bonilla takes his annual payment and invests that with an 8% annual return, he would have $95.2 million by 2035….

But more importantly to the Mets, if they invested the $5.9 million at 8% interest in 2000. That money would have grown to more than $14 million before they had to make a single payment. And that money would continue to draw interest even while they are making payments

So just like uncle sam does Holds your money all year then gives it back

Word. I've never understood why people think this is such a windfall for Bonilla. Literally any pro athlete could say to a team - hey instead of paying me, for example, $20 mill next year, why don't you make smaller installment payments starting in 10 years. Deferred money is always viewed as a benefit to the team, not the player.

 

[williewilliejuan]

Word. I've never understood why people think this is such a windfall for Bonilla. Literally any pro athlete could say to a team - hey instead of paying me, for example, $20 mill next year, why don't you make smaller installment payments starting in 10 years. Deferred money is always viewed as a benefit to the team, not the player.

Unless the player is honest with himself and knows he'd blow the money if given it all at once and makes a deal to protect himself from himself.

 

[cerealboi]

Lol @ a pro athlete investing his salary

I understand the deal, completely, it did workout for the Mets, not a bad deal at all.

But now the dude has an annual income for close to the rest of his life, just thru sports, something almost no athlete can say

No different than taking the powerball jackpot up front (48.2 mill) or getting 30 years of payments that amount to 80 mill. Roughly 2.67 mill a year.

Now if you're wondering why many athletes make powerball-like salaries, that's another question entirely.

 

[cerealboi]

Unless the player is honest with himself and knows he'd blow the money if given it all at once and makes a deal to protect himself from himself.

Maybe more should do it, no doubt. But using the powerball example, I suspect you'll find the vast majority of winners take the cash option up front and not the annuity. Lot of these winners are rubes that couldn't save a penny from their pay check.

 

[packerzrule]

Word. I've never understood why people think this is such a windfall for Bonilla. Literally any pro athlete could say to a team - hey instead of paying me, for example, $20 mill next year, why don't you make smaller installment payments starting in 10 years. Deferred money is always viewed as a benefit to the team, not the player.

yeah, but weren't these deferred payments in lieu of buying out his 6MM contract??

 

[cerealboi]

yeah, but weren't these deferred payments in lieu of buying out his 6MM contract??

I believe so, but 6 mill in 1999 dollars adjusted for inflation and the like would be worth somewhere around 10 mill today at best. The Yankees just ate 21 mill in today dollars for Arod.

In other words eating 6 mill in 1999 is still much more palatable than eating 21 mill today.

 

[NinerSickness]

So just like uncle sam does Holds your money all year then gives it back

That's why I used to claim 99 & then pay at the end of the year. I didn't know 'til years later that the Feds charge you a fee if you end up owing. So either way, they're stealing your interest away.

 

[Bamabino]

 

[packerzrule]

I believe so, but 6 mill in 1999 dollars adjusted for inflation and the like would be worth somewhere around 10 mill today at best. The Yankees just ate 21 mill in today dollars for Arod.

In other words eating 6 mill in 1999 is still much more palatable than eating 21 mill today.

I suppose

fuckin inflation - I remember getting a 6 pack, a full tank of gas and a pack a smokes for 10 bones

 

[Brasky]

Fucking Matthew Dellavedova. 4 years, $38.4 Million.

I swear these NBA GM's are doing cocaine making these deals.

 

[Brasky]

Delly is the single worst point guard I've ever seen get the kind of credit he does. Dry humping Curry up and down the court.

He's the least athletic looking player I've ever seen in the NBA. I don't get it. I truly don't.

 

[molsaniceman]

That's why I used to claim 99 & then pay at the end of the year. I didn't know 'til years later that the Feds charge you a fee if you end up owing. So either way, they're stealing your interest away.

just dont claim so many

Underpayment penalties apply to those who don’t have enough tax withheld from their wages or don’t make enough estimated tax payments throughout the year. At the end of the year, if at least 90% of the total taxes owed are not paid (or 100% of the taxes that were owed for the previous year), an underpayment penalty may be charged on the unpaid amount. However, this penalty does not apply if the person owes less than $1,000 after the withholding or estimated tax payments are applied.

 

[VikingFan2k2]

Joe Mauer $23,000,000

2016 .261 11 49

This is the correct answer. That contract was predicated on him being a stud, .340 hitting catcher with great OBP and good doubles power. Instead we get some frail, skinny, wimp of a .260 hitting 1st baseman who strikes out more than he walks.

 

[Brasky]

The NBA is the worst offender.

Harrison Barnes 4 years $94 million. He was dead weight on the Warriors. Did no one watch the Finals?

Everyone on that team was drawing double teams and he still couldn't do shit.

 

[NinerSickness]

just dont claim so many

Underpayment penalties apply to those who don’t have enough tax withheld from their wages or don’t make enough estimated tax payments throughout the year. At the end of the year, if at least 90% of the total taxes owed are not paid (or 100% of the taxes that were owed for the previous year), an underpayment penalty may be charged on the unpaid amount. However, this penalty does not apply if the person owes less than $1,000 after the withholding or estimated tax payments are applied.

The tax code is a cluster f**k. That's why I say get rid of the whole thing; I'm a national-sales-tax guy.

 

[Chewbaccer]

so many overpaid athletes in today's world

but nothing beats the Bobby Bonilla contract - 1.2MM annually to the year 2035

There was a time a few years ago when the 2 highest paid outfielders being paid by the Mets didn't play for the team. Jason Bay was a Mariner, Bobby Bonilla was long retired

 

[NinerSickness]

I'll tell you what: NFL players earn every dime they make. They're not overpaid. I wouldn't take that much money if it meant going through as much punishment on my body they take.

If I were talented enough to play in the NFL, I'd play 1 season & retire. I'd go the punkass, Chris Borland route.

 

[cowboys5xsbs]

The NBA is the worst offender.

Harrison Barnes 4 years $94 million. He was dead weight on the Warriors. Did no one watch the Finals?

Everyone on that team was drawing double teams and he still couldn't do shit.

please don;t remind me