New York will not make the final payment on Beltran's $119
million contract until July 1, 2018, according to details of the
agreement that were obtained by The Associated Press.
Beltran's deal contains $22 million in deferred salary that will
be paid out in the seven years after the contract expires. He will
be 41 by the time he receives all the money, which will be paid
each July 1 starting in 2012 in yearly installments of $3,142,857
plus interest that will accrue at the rate of 1.7175 percent
Like Pedro Martinez, who signed with the Mets in December,
Beltran will get an array of perks as part of the contract,
including a hotel suite on all road trips and a 15-person luxury
suite for all home games, although he must buy tickets for the
suite for any postseason games. In the most unusual clause of the
deal, the Mets agreed to lease for Beltran an ocular enhancer
machine, a device that throws colored, numbered tennis balls to
batters at 150 mph or faster.
New York also agreed not to offer salary arbitration at the end
of the contract, meaning the Mets must decide whether to re-sign
him by Dec. 7, 2011. Offering arbitration extends the deadline for
re-signing until the following Jan. 8.
Beltran's contract calls for his $11 million signing bonus to be
paid in four installments: $5 million upon approval and $2 million
each this June 15, and on Jan. 15, 2006, and Jan. 15, 2007. He gets
a $10 million salary this year, $12 million in each of the
following two seasons and $18.5 million in each of the final four
seasons, with $8.5 million deferred annually from 2008-11.
The players' association calculated the present-day value of the
contract at $115,726,946, using a 6 percent discount rate (the
prime rate plus 1 percent, rounded to the nearest whole number).
For purposes of baseball's luxury tax, which currently uses a 3.62
percent discount rate, the contract is valued at $116,695,898.