There’s the old adage “you get what you pay for.”
Another one may be “past performance does not guarantee future results”—a disclaimer that anyone who has ever invested in any kind of annuity has heard.
Professional sports teams often sign players to ridiculous contracts based on past performance in hopes of significant future results.
Across Major League Baseball, there are currently 76 players who will be paid at least $10 million in 2011. This represents 10.1 percent of all roster spots available across the 30 major-league clubs.
There are currently seven teams in Major League Baseball without at least one player making $10 million in 2011. Their combined record as of May 13 was 128-137—a .483 winning percentage.
In 2011, the most surprising of these teams has been the Tampa Bay Rays, who are currently leading the AL East.
Certainly, if you get what you pay for, the record of the top seven teams with the most players making at least $10 million, the combined record should be much higher.
Surprisingly, the combined record for these teams is 129-133 (.492 winning percentage), which is only slightly better.
Not surprising is the fact the Yankees lead this group with nine players, followed by Boston and Philadelphia with eight.
The surprise on this end might be the inclusion of the Minnesota Twins, who will pay four players at least $10 million and have the worst record in baseball.
For those players who don’t hit their weight, they should follow the example of Lymon Bostock.
After playing three years with the Minnesota Twins, Bostock signed a free-agent contract with the California Angels for the 1978 season.
In April of that year, Bostock hit only .150 and attempted to return his salary to the team, saying he had not earned it. The Angels refused, so Bostock donated his April salary to charity.
After looking over the highest paid players of 2011 here are 10, in ascending order of salary, who should look to make some charitable contributions.