Mookie Betts won’t receive all of his money from his $ 365 million, 12-year contract with the Los Angeles Dodgers until he nears his 52nd birthday in 2044, according to contract details obtained by The Associated Press.
He has a $ 65 million signing bonus that is guaranteed against work stoppages and shorter seasons like this, but the Dodgers don’t have to start paying the signing bonus for more than a year.
Their settlement includes $ 115 million in deferred payments. However, if changed, the deferrals would be removed and the money would be paid in each season the contract covers. It has no non-trade provision.
The details of the deferred payments in the Betts contract were first reported by The Athletic.
Betts, who accepted the deal Wednesday, already had a $ 27 million one-year contract that he agreed with Boston in January and would have been eligible for free agency after this season. The Red Sox distributed it to the Dodgers in February along with pitcher David Price, who decided to stay out this season due to the coronavirus. Due to the shorter season, Betts’ prorated salary this year is $ 10 million.
The 2018 AL MVP earns its signing bonus in annual installments every November 1, 2021-35: $ 5 million each for the first 12 years, $ 2 million each in 2033 and 2034 and a final payment of $ 1 million . Since Betts is not a California resident, that money will not be subject to California state income tax, which has a maximum marginal rate of 12.3%.
A four-time All-Star and four-time Gold Glove outfielder. Betts, 27, receives wages of $ 17.5 million each in 2021 and 2022, $ 20 million in 2023, $ 25 million in each of the next four seasons, $ 30 million annually between 2028-30 and $ 27.5 million in each of the last two years.
His agreement requires that $ 8 million be deferred each year from 2021-25, $ 10 million in 2026 and 2027, and $ 11 million in each of the past five seasons. The money is paid every July 1, 2033-44: $ 8 million for the first five payments, $ 10 million for the next two, and $ 11 million for the last five.
Betts agreed to make a charitable contribution of $ 100,000 annually. Get a hotel suite on road trips.
His new deal is baseball’s second-largest total dollar deal after the $ 426.5 million 12-year contract for Los Angeles Angels outfielder Mike Trout, covering 2019-30.
Associated Press contributed to this report.
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