A new annual tradition has taken over New York. Every July 1 from 2011 to 2035 is known as Bobby Bonilla Day, the day the New York Mets pay their former outfielder, whose last game as a Met was in the fall of 1999, an annual salary of $1,193,248.20. (10:11)

[Updated July 1, 2018.]

Today, the New York Mets will pay Bobby Bonilla another installment of $1,193,248.20.

Every July 1, from 2011 to 2035, the Mets make the payment as part of deferring the $5.9 million the Mets owed him from the 2000 season, a year in which he didn't play for the team, because they released him in January. As noted last year, Bonilla's agent worked out a deal that deferred payment (with an 8 percent annual interest rate).

With eight payments now in, Bonilla has now collected $9,545,986.60. There are 18 more payments due to Bonilla through 2035. When all the payments are made, Bonilla will have turned that $5.9 million into $29.8 million.

Bobby Bonilla gets his latest payment for his last deal with the Mets today. Getty Images

But that's not all.

Bonilla also has deferred money that is being paid by the Mets and the Baltimore Orioles, who took Bonilla for the final year and a half (1995 and 1996) of his first Mets contract, a five-year deal signed in December 1991 for $29 million.

The two teams split a $12.5 million payment which comes in 25 installments. That deal started in 2004, so Bonilla has received 14 payments worth a total of $7 million, and he will receive another $5.5 million through 2028.

So to recap, Bonilla has already received $15.3 million in deferred money. Over the next 18 years, he has another $27 million to go.

All this looks even better from his home in Sarasota, Florida, where there's no state income tax.