Mets Buyout Jason Bay

Bay will seek employment elsewhere after being bought ouut by the Mets. Image: Robert Mayer-US PRESSWIRE

The New York Mets announced that a buyout agreement has been reached with left fielder Jason Bay, thereby making Bay an unrestricted free agent effective immediately.

Bay’s contract has been a disappointment from Day One in New York and he was down to one season left on his deal. Instead of having to wait out the final year of his contract in New York, Bay agreed to have some of the $21 million he’s owed deferred, according to Joel Sherman. Sherman tweets that Bay will get all $21 million he’s owed, which breaks down to his $16 million in salary, $3 million in a buyout of his 2014 option, and $2 million left of his signing bonus.

The Mets could have simply released Bay and would have owed him the same amount, but they save some money upfront by being able to defer payments to their now former outfielder.

It’s unknown at this time how much money is being deferred or for how long. This type of buyout is not common in baseball, though it does stir up memories of another former Met who disappointed in Queens. Bobby Bonilla agreed to a similar arrangement when he was bought out by the Mets at the end of his career.