If you follow Celebrity Net Worth, Twitter, Facebook, or the news, chances are you’ve heard about today’s special occasion: July 1st, also known as international Bobby Bonilla Day. On this day each year, retired MLB slugger Bobby Bonilla, now 58 years old, receives his annual $1.2 million check from the Mets (technically $1.4 million including an earlier $250k deferment Bobby negotiated).
I won’t go into the details of Bobby’s deal here. If you’re unfamiliar, you can read our previous coverage that brought Bobby’s brilliant contract to widespread attention. In essence, back in 2000, Bobby deferred a $5.9 million payment from the Mets in exchange for receiving $1.2 million annually for 25 years starting in 2011. This arrangement ensures Bobby a steady income from Major League Baseball until he turns 72 in 2035.
However, Bobby Bonilla wasn’t the first athlete to negotiate a deferred contract. Fifteen years before Bobby’s deal, NFL player Bill Fralic made headlines with an equally unconventional and lucrative agreement when he signed with the Atlanta Falcons. Bill’s contract may not have matched Bobby’s in total value, but it had a unique advantage: it lasted for his entire lifetime. Bill continued to receive payments every year until his passing in 2018 at the age of 56.
Early Life and Career
Bill Fralic was born on October 31, 1962, in Pittsburgh, Pennsylvania. He rose to prominence playing high school football at Penn Hills High and was named Pennsylvania Football News’ “All Century Team” member. As a senior, he was honored as the Pittsburgh Post-Gazette’s high school athlete of the year.
Bill stayed close to home for college, earning a football scholarship to the University of Pittsburgh where he excelled as an offensive tackle, earning All-American honors in his junior and senior years.
NFL Career
Entering the NFL in the 1985 draft, Bill was selected as the second overall pick by the Atlanta Falcons. At the time, he negotiated a rookie deal that paid him $600,000 annually, along with a substantial signing bonus, making him one of the highest-paid offensive linemen of his era. His earnings in his first four years totaled $7 million, surpassing even the top pick of the 1985 draft, Bruce Smith.
Perpetual Contract
Similar to Bobby Bonilla’s foresight, Bill Fralic was concerned about his financial security beyond his playing career. When negotiating his initial contract with the Falcons, he enlisted the help of a skilled tax lawyer who proposed an unprecedented provision: instead of a lump sum or a fixed-term payment, Bill requested that the Falcons pay him $150,000 annually for the remainder of his life.
During his nine-year NFL career from 1985 to 1993, Bill achieved Pro Bowl status four times and made a notable transition in 1992 to the Detroit Lions, where he doubled his salary under the newly established free agency system.
Later Life and Legacy
After retiring from football, Bill Fralic ventured into wrestling with the WWF and worked as a television commentator for the Falcons and later for the Pittsburgh Panthers. He also became an influential advocate against steroid use in the NFL, testifying before a US Senate sub-committee on the matter in 1989.
In the business realm, Bill founded Bill Fralic Insurance Services during the 1980s, a venture he continued to manage alongside his football career.
Tragically, Bill Fralic passed away on December 13, 2018, following a battle with cancer. He was just a month shy of receiving another annual $150,000 payment from the Falcons, highlighting the lasting impact of his foresight and financial planning.
Bill Fralic’s legacy extends beyond the football field, leaving a profound mark on both sports and business, and showcasing the significance of strategic contract negotiations in professional athletics. His story stands as a testament to proactive financial management and securing long-term stability in the unpredictable world of sports.