I defend the Bonilla trade every year until 2035. Deferred payments generally make money for the owner, in addition to freeing up space to sign younger talent. Not only did it allow the Mets to sign a pitcher in 2000 that helped their season end in a World Series berth, but when that pitcher left for the Rockies after the 2000 season ("because of their school system") they were able to draft David Wright with their compensatory pick, who became a Mets legend.
Even from a financial standpoint, it wasn't that bad of a deal. The Mets front office operated on the assumption of "As long as we aren't a victim of the largest ponzi scheme in US history...", which was probably a safe assumption at the time. And even without that, their overall interest rate over the life of the deal is around 4.7%. That tracks fairly well with how the Dow has performed since the contract was renegotiated.
