MLB: Betts Millionaire Contract $365 M

Reading Time: 4 minutes read

From 2014 to 2020 Mookie Betts was playing with the Boston Red Sox as a right fielder. Later, in February 2020, he was traded to the Los Angeles Dodgers, together with pitcher David Price. After becoming a free agent in July 2020, the Dodgers signed Betts to a 12-year contract extension worth $365 Million. Betts millionaire contract adds another entry into the list of the richest and biggest ones in the history of North American sports.

Mookie Betts´ deal is the richest contract in Dodgers history, and the third-richest contract in sports. It is the second richest in the history of baseball, after Mike Trout’s $426 million dollar deal with the Los Angeles Angels. But both trail Patrick Mahomes‘ 10-year extension with the Kansas City Chiefs worth $503 million dollars, which puts the NFL in the top spot.

Contract Conditions

But the contract’s details change its effective worth because Betts will receive payments over 24 years, not 12.

According to the agreement details, Betts millionaire contract money will not be totally paid until he approaches his 52nd birthday, in 2044. This means that the agreement practically ties him up until his retirement.

Signing Bonus

The great deal also included a $65 million signing bonus guaranteed against work stoppages and shorter seasons. This will cover problems like the coronavirus pandemic or other possible blockages that affect the future development of the tournament.

This bonus will help the outfielder compensate for the “low” salaries ($17.5 million) he will receive during 2021 and 2022.

And the good news for the MLB right fielder is that the bonus will not be taxable. He will receive it cleanly and without deductions into his bank account. However, he will get it in annual installments every November 1st from 2021 to 2035. $5 million each for the first 12 years, $2 million in 2033 and 2034, and a final payment of $1 million in 2035.


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Deferred payments

His agreement includes $115 million in deferred money. Only if the club interchanges him, the deferrals would be eliminated. Then the money would be paid in each season covered by the contract.

The four-time All-Star and four-time Gold Glove outfielder will receive salaries of $17.5 million each in 2021 and 2022. Then $20 million in 2023, following with $25 million in each of the next four seasons between 2024-27. $30 million annually between 2028-30, and $27.5 million in each 2031 and 2032. Due to the shorter season, Betts’s salary for this year 2020 is $10 million.

The agreement also requires the deferral of 8 million each year from 2021 to 2025. $10 million in 2026 and 2027, and $11 million in each of the last five seasons till 2032 when the player will turn 40.

After The Deal

In the 12 years after the deal expires, from 2033 till 2044, every July 1st Betts will receive in annual installments $8 million for the first five years, $10 million for the next two and $11 million for the last five.

He agreed to make a charitable contribution of $100,000 annually. 

With all these payments planned until 2044, we hope the player will be able to concentrate on the hundred games that he will have to play until the current millionaire contract expires.

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