...his contract was guaranteed...

Contract modified to arrange for deferred $$$. No way to know what agreement says. Bay guaranteed AT LEAST what Mets owe him. Could be MORE if Bay gets to keep what Mariners pay too.

...that plus the $3 mil buyout, I'm guessing...

Could be MORE if Bay gets to keep what Mariners pay too. >>>>

why wouldnt bay get to keep what he could get from another team?

Whatever original contract had for total $$$ plus whatever Mets gave in modified contract for deferred $$$. Buyout probably included.

Depends on what Bay/ Mets agreement says for deferred $$$. Might say Mets get to deduct what Bay gets from another team. No way to know what Bay/ Mets agreed to when deferred $$$ contract modifications done.

found these.

Sherman says that Bay will lose some present day value through the deferral, but now he can sign with a new team for more than the league minimum
The union doesn't allow players to reduce the guaranteed portion of their contracts unless they get something equal or greater in return.

he is a normal free agent. thats what he got for agreeing to the deferral.

Good info. Thanks.

So he can keep all Mets $$$ PLUS whatever he gets from SEA.