the Braves agreed to pay him no less than $1.12 million per year, and potentially more if interest rates spiked above a negotiated floor of 12.3 percent. Bruce Sutter, who passed away today at sixty-nine years of age, is something of an anomaly among St. Louis Cardinals players whose numbers have been retired by the club. He signed a record-setting contract in 1992 that set up payments of $500K per year from 2004-2023. One, New York is a bigger media market than Atlanta. As The Athletic's Dan Lewis reported, the Braves are still paying former reliever Bruce Sutter, who played with the Braves from 1985 to 1988. Bruce Sutter amassed 260 saves during his first nine big league seasons, becoming one of the most dominant pitchers in the game. 16 Athletes Who Still Got Paid Well Into Retirement When you dont know what youre doing, bad things tend to happen. The length of the contract was absurd at the time, but so was the amount, given the context. Login to Stathead From Sports Reference | Stathead.com Deferred deals with two different teams? These Georgia cities lead the nation in all-cash home sales in 2022, but why? For more information, please see our Of course, like the Mets, they lost a big chunk of that money investing with Bernie Madoff. In 2023, Davis gets his first of five $3.5 million payouts from the Os. The contract extension he signed in 1993 included $3.5 million deferred, which was broken up into $250,000 payments through 2028. Hall Of Fame Closer Bruce Sutter Made The Most Of Free-Agent Pact In the end, the Braves were the ones who offered more money about $9 million over 6 to the Cardinals $7 million over 5, per, First, Sutter was only paid about $750,000 per year while under the Braves control. He said he is worried about contracts that deal in unfunded liabilities and hinted that further action might be taken to restrict such deals. Search instead in Creative? He said he particularly takes exception to suggestions made in the press that the recent Rick Sutcliffe contract, which was reported at about $9.5 million, is worth more than Sutters contract and that Sutcliffe has thus become the highest paid pitcher in baseball. Week Team League; 05/14/1977: Chicago Cubs: NL: 07/09/1978: Chicago Cubs . That's the day that the Mets have to pay Bobby Bonilla $1.2 million per their deferred compensation deal with him struck after the 1999 season. The 12.3% is a guaranteed minimum for the 36-year life of the agreement, while the 13% would have been guaranteed for only the first seven years. . He also said that a deferred compensation package he put together several years ago for Parker with the Pittsburgh Pirates was secured through real estate, but that the league will no longer permit such deals. Five most ridiculous Major League Baseball contracts of former players --Similarly, the club may purchase an insurance policy to guarantee the eventual annual payments. Herb Sutter deferred heaps and pointers - Rust Internals The Cardinals announced that Hall of Fame pitcher and World Series champion Bruce Sutter has passed away. For the thirty years after he retired . To compound the issue, the Pistons used the stretch provision, lowering the annual cost but ensuring that Smith was still getting an annual $5.3 million through this season three years after his last NBA game and six years after he last played for Detroit. The New York Mets are annually laughed at around July 1, when the team pays former player Bobby Bonilla $1.19 million as part of a deferred contract that runs until 2035. Kansas City played Toronto in the ALCS in the same 1985 season. Bruce Sutter, the Hall of Fame closer and pioneer of the split-fingered fastball, passed away Thursday night at the age of 69.Sutter was recently diagnosed with cancer and passed away in hospice care in Cartersville, Georgia. In 1984, Sutter signed a contract with Atlanta that would pay him $4.8 million over six years and place another $4.8 million into a deferred payment account. While Bobby Bonilla is the more famous long-term Mets salary obligation, pitcher Bret Saberhagen was the original. It meant a guarantee of no less than $1.12 million annually for 30 years after the contract was up. Scherzer made $105 million through 2018, and he's now in the "deferred" part of the contract, which will last through 2028. Junior Griffey will forever be known as the transcendent face of the Seattle Mariners, but hes a Reds legend, too. Those payments . December 9, 1980: Cubs trade Bruce Sutter to the Cardinals Braves Have Their Own Bobby Bonilla Contract Situation & It Just Might When Matt Holliday re-signed with the St. Louis Cardinals in 2010, his deal was for seven years and $120 million - with $2 million of that money deferred each season without interest. In 2014, the SF Bay Guardian named him the best comedian in San Francisco, then immediately went out of business. The Mets paid him $37.3 million after the injury, including a buyout, but they also owed him $5 million, at 1.25 percent compound interest, seven years after each year of the deal. Bronner, told of Reichs remarks, said that Sutter already has established various revenue pools through an earlier four-year contract with the St. Louis Cardinals, which he said had brought his client about $1 million a year. Hall of Fame pitcher Bruce Sutter dies at 69. If we were to become convinced otherwise, then wed probably recommend to the players that they make deals for current payments only.. I happen to believe that. One key difference between Bronner and several of the other agents interviewed involved the placing of a value on the Sutter contract. You may occasionally receive promotional content from the Los Angeles Times. His pact provided $4.8 million in deferred money that would pay 13 per cent interest over a 36-year period. Baseball is better. When the Atlanta Braves signed Bruce in 1984 to a six-year contract, in a $9.1 million deal, they also admitted to deferred payments with interest following the conclusion. Bruce Sutter - Bio, Death, Wife, Age, Family, Net Worth, Career, Wiki He was the second-highest paid pitcher in the game, only behind Jos DeLen (really). He is a five-time All-Star, a former Cy Young Award winner and has led the league in saves for five of the last six seasons. There is little question that Sutter belongs with the highest paid players in baseball. The splitter specialist signed a six-year, $9.1 million contract with Atlanta ahead of the 1985 season, but opted to delay the whole thing for decades. and our Ted Turner, then the mercurial and enigmatic owner of the team, had surprised the baseball world when he signed the star closer to a long-term but deferred contract after the 1984 season but never realized the dividends he expected. The Atlanta Braves, fresh off an 80-82 season, decided to strike while the iron was mostly lukewarm, if you're being charitable. Thats right: it was deferred until 2022. When the ink dried on the contract, the basic terms gave Sutter $9.1 million over six years, entering his age-32 season for, again, a team which failed to win half its games the year prior. Sutter was recently diagnosed with cancer and died in hospice, surrounded by his family, his son, Chad . Sutters contract, Bronner insisted, is just plain the biggest.. . (Photo by George Gojkovich/Getty Images). Dick Moss of Los Angeles and others said the important valuation involves present value and they contended the deferred amount is not presently worth anywhere near $9.1 million. RP Bruce Sutter (Atlanta Braves) Career: 1976-1988 Total deferred money: $42,700,000 Terms: Annual 12.3% interest payments of $1,120,000 for 30 years, plus full $9,100,000 in deferred base salary Last payment year: 2022 It's finally the end of the line for Bruce Sutter. Considering Sale is out for 2020 and most of 2021 with Tommy John surgery, the deal would sting a lot more for Boston if he hadnt deferred $50 million. Sutter signed a 6-year contract worth $10 million with the Atlanta Braves when he was a free agent after the 1984 . Its also a bargain because the salaries from 2019-21 were all deferred, splitting his $105 million into seven $15 million installments to be paid between 2022-28. The New York Times reported that Sutter's six-year contract paid him $4.8 million and placed another $4.8 million into a deferred payment account at 13 percent interest. Unlike a lot of long-term NHL deals of that time, it wasnt even cap circumvention he got $4.5 million every season for the 15 years. New comments cannot be posted and votes cannot be cast. --The principal of the fund after the next six years, the $9.1 million whether it is a phantom fund or not, will go to Sutter or his heirs in 2020 at the conclusion of the contract, at which time taxes will have to be paid on it. Every Sports Reference Social Media Account. Actually, further examination by The Times indicates that Sutter will receive a $750,000 salary for each of the next six years and a minimum of $1.12 million a year for the remaining 30 years of the contract. The payments began in 1991, which means that Sutter has been receiving deferred payments for 30 years. Bruce Sutter was to receive payments totaling $44 million over the next 36 years from his new club, the Atlanta Braves . Bruce Sutter salary, contract, career earnings - vimbuzz.com The Boston Red Sox may be the overall kings of deferred money. . But I will say that the longer you go forward on deferral, the greater the risk. An annuity bearing a 13% interest rate would pay Sutter, now 31, $1.3 million a year until he was 67. Rafael Devers joins Bobby Bonilla, other athletes whose contracts And the Braves were willing to meet his demands. When the Orioles gave Chris Davis a seven-year deal for $161 million in 2016, they deferred $42 million over 15 years, meaning Davis will be getting checks until hes 51. Sutter's final save made history | Baseball Hall of Fame Sutter was recently diagnosed with cancer and in hospice surrounded by his family, one of Sutter's three sons, Chad, told The Associated Press. If you do a little bit of math, youll realize that 12.3 percent of $9.1 million is $1.12 million, which makes sense. Moss said it should not be valued at more than $5.5 million, making the present value of the Sutter contract $10 million. They might say, Gee, the cash flow in 2013 is lousy and well pay you 20 cents on the dollar.. He was 69. . He also cited an article by sports columnist Dave Kindred in the Atlanta Constitution as an illustration of why Sutters contract is a good business investment by the Braves. Meanwhile, the Red Sox agreed to 12 years worth of payments of approximately $2,000,000 each, the last of which comes when the iconic slugger will be 54. Though the Braves made up for it in a big way in the 1990s to mid-2000s, this team is still paying Bruce Sutter heaping sums of cash. Cardinals relief ace Bruce Sutter, who clinched 1982 World Series, dies