Jon Heyman of CBS Sports writes that Jason Bay may have gotten a better deal for himself by leaving the Mets than he did when he initially signed with them.
Not only will Bay be paid the entire $21 million he is owed by the Mets, as has been reported, but the $15 million that is being deferred under the terms of the severance agreement is to be paid by the end of 2015, meaning the deferred monies will be paid only over an additional two years, CBSSports.com has learned.
Neither side would comment on the deferred payments, but sources familiar with the deal say the short deferral — the deferred monies are to be paid in five installments — means the present-day value of the contract is worth only about $850,000 less than the full $21 million. Had the team simply cut him, they would have had to pay him all the money by the end of 2013.
The Mets and the outfielder made the surprise agreement to part ways with a year to go on his $66-million, four-year deal. Originally, the Mets had said Bay would be coming to spring training.
This sounds like a deal that benefits both sides. It gives the Mets room to be more flexible while deferring Bay’s money to 2015 when the financial picture will be better than it is now as they continue to revive what almost was a dire situation. The recovery continues.
