SAN DIEGO — Garry Templeton will be well beyond his productive baseball years when he turns 63. But the Padres will be producing paychecks for him until then, according to major league baseball sources.
In fact, Templeton's recently signed contract with the Padres guarantees him a minimum of $9.85 million through the year 2019. Templeton was given a $450,000 signing bonus and $1 million annual salary from 1985 to 1988 by the Padres.
However, the Padres are deferring $300,000 of the signing bonus and $300,000 of his annual salary. In essence, Templeton received $150,000 of his signing bonus and will be paid $700,000 each year from 1985 to 1988. His deferred payments of $230,000 annually are in effect from 1990 to 2019.
Thus, Templeton will receive $2.95 million from his signing bonus and non-deferred salary over the next four years. His total deferred payments amount to $6.9 million, bringing Templeton's total to $9.85 million.
According to terms of the contract, the Padres will not pay Templeton in 1989.
"That's a financial planning matter we devised," said Richie Bry, Templeton's agent. "The longer he waits to take the (deferred) payments, the more they build up. He'll have enough money from the next four years to take care of 1989."
Templeton could also earn up to $450,000 in bonuses each season through 1988. The bonuses pertain to making the National League All-Star team and earning Most Valuable Player awards for the regular season, league championship series and World Series.
Steve Garvey and Goose Gossage will both be playing for pay cuts compared to what they earned in 1984. The Padres made those contractual provisions in fear of a players' strike this season.
Both contracts are guaranteed in event of a strike.
Garvey had a base salary of $1.25 million last year and will be paid a base of $800,000 in 1985. His base salary increases to $1.25 million next year and $1 million in 1987, the last year on his playing contract. The Padres owe Garvey a final payment of $450,000 on Jan. 15, 1988.
Gossage had a base salary of $875,000 last year and will be paid a base of $500,000 this season. His base salary increases to $850,000 in 1986, and $1 million each of the following two years.
THE TEMPLETON CONTRACT
Signing Bonus--$450,000, of which $300,000 is deferred. Salary--$1 million annually from 1985 to 1988, of which $300,000 is deferred annually. Deferred Payments--$230,000 annually from 1990 to 2019. Bonuses--Possibility of up to $450,000 annually.