Bobby Bonilla Day: Why the former Mets player still gets $1.19M every July 1

(NEXSTAR) – How's your July 1st going? Probably not as well as Bobby Bonilla's.

The 61-year-old former Mets player received yet another $1,193,248.20 payment on what has become known as Bobby Bonilla Day.

“It’s kind of become like my birthday so to speak, right? It’s become that big,” Bonilla told The New York Post. “I don’t think people know the exact date of my birthday, but they certainly know when this deferred comp comes in, so it’s pretty cool in that respect.”

NEW YORK, NY - JULY 06: Bobby Bonilla #25 of the New York Mets celebrates a homer with Kevin McReynolds"t #22 during a baseball game against the San Francisco Giants on July 6, 1994 at Shea Stadium in New York City. (Photo by Mitchell Layton/Getty Images)

The payday, which comes over two decades after the Mets released him following a dismal, injury-plagued season, is part of a contract that was mocked for years – and has since become widely embraced, even by the Mets organization.

The peculiar contract came about after the Mets released the six-time All-Star in January 2000. In order to clear what was left of his $29 million salary off the books, the Mets, led by then-owner Fred Wilpon, worked with Bonilla's agent and bought out the remaining $5.9 million under the stipulation that it would be spread evenly and paid off with 8 percent interest from 2011-2035. Instead of $5.9 million, Bonilla will receive a total of $29,831,205 after the final payment is made.

4 Mar 1999: Outfielder Bobby Bonilla #25 of the New York Mets poses for a studio portrait on Photo Day during Spring Training at the Thomas J. White Stadium in Port St. Lucie, Florida. Mandatory Credit: Matthew Stockman /Allsport

Years later, it was revealed that Fred and Jeff Wilpon, along with fellow owner Saul Katz, were deeply invested in Bernie Madoff's Ponzi scheme and had structured complicated contracts like Bonilla's to allow them more money to invest with Madoff, according to ESPN.

Bonilla isn't the only Major League player to receive a deferred contract, however, as the practice has become commonplace in the MLB.

Also on Monday, the Cincinnati Reds made their final installment to now-54-year-old Hall of Fame outfielder Ken Griffey Jr., signing over a check for $3,593,750.

In order to afford the contracts of megastar Shohei Ohtani and a number of other top tier players on their roster, the Los Angeles Dodgers penned a record-setting deal last year.

Ohtani will get $20 million over the next ten years, with a whopping $680 million to be paid out from 2034 to 2043.