The New York Mets made Edwin Diaz the highest-paid closer in MLB history before free agency even began. While it keeps him in New York through the 2027 season, owner Steve Cohen will be paying Diaz long after he retires from baseball.

Diaz’s contract shattered the previous records for reliever salaries. Before he signed the deal, Raisel Iglesias ($16 million AAV) and Liam Hendriks ($14.333 million AAV) were the only relievers to earn more than $14 million annually on their contracts.

The 28-year-old also became the first closer to sign a $100 million contract, with the $102 million contract value nearly double Iglesias’ contract ($58 million) and twice as much as Hendriks signed for ($54 million) with the Chicago White Sox.

Thanks to the structure of his five-year contract with the Mets, though, the All-Star closer will be receiving yearly checks from the Mets into his 40s.

According to Ronald Blum of the Associated Press , Diaz will receive deferred payments from the organization until 2042. New York agreed to the deferred payments as part of the deal, providing them with more immediate financial relief in exchange for owing Diaz millions of dollars for the next two decades.

Edwin Diaz contract details and New York Mets payments

  • 2023-2025: $5.5 million per year
  • 2026-2027: $5 million per year
  • 2033-2042: $2.65 million per year

Deferred money until 2042 isn’t the only incentive included in the contract.