Mets' Edwin Diaz's record-setting contract includes deferred payments through 2042

Edwin Diaz hand up 10/8/22 cropped
Edwin Diaz hand up 10/8/22 cropped

Move over Bobby Bonilla.

On Wednesday, the Mets announced they re-signed closer Edwin Diaz to a five-year, $102 million contract — the largest deal for a reliever in major league history. And it turns out Diaz will be reaping the benefits from this record-setting contract for years to come.

That’s because the deal includes $26.5 million in deferred payments that Diaz will receive through 2042, according to AP News.

As reported by ESPN’s Jeff Passan when the deal was announced, the contract comes with a full no-trade clause and a sixth-year option that could make the deal worth $118.25 million over six seasons.

Diaz’s contract, which also includes a $12 million signing bonus, breaks down like this:

  • 2023: $17.25 million

  • 2024: $17.25 million

  • 2025: $17.5 million

  • 2026: $18.5 million player option

  • 2027: $18.5 million player option (he must decide on both of these options after the 2025 season)

  • 2028: If his player options are exercised, the Mets have a $17.25 million option with a $1 million buyout

However, New York will defer $5.5 million annually from 2023-25 and $5 million from 2026 and 2027. The payments will be due on July 1 in future years.

Here’s the breakdown of the deferred payments:

  • 2033: $2.65 million

  • 2034: $2.65 million

  • 2035: $200,000 + $2.45 million

  • 2036: $2.65 million

  • 2037: $400,000 + $2.25 million

  • 2038: $2.65 million

  • 2039: $600,000 + $2.05 million

  • 2040: $2.65 million

  • 2041: $300,000 + $2.35 million

  • 2042: $2.65 million

The deal also has incentives. Diaz will make an extra $100,000 if he earns World Series MVP and Rivera/Hoffman reliever of the year honors, $50,000 for every All-Star selection, Gold Glove, League Championship Series MVP or Cy Young Award, plus $25,000 for finishing second in Cy Young Award voting and $10,000 for finishing third.