The deal includes $15.5 million in salary that is being deferred without interest. The money is to be paid in equal installments of $3.1 million each June 30 from 2021-25.
Wright's previous contract called for him to make $16 million next season, and the All-Star third baseman's 2013 salary was reduced to $11 million, of which $3 million will be deferred. That means the Mets will have an $8 million cash savings next year.
Wright makes $20 million in each of the following five seasons, with $2.5 million deferred each year. His salary drops to $15 million in 2019 and $12 million in 2020.
A six-time All-Star who turns 30 on Dec. 20, Wright would get $500,000 if he wins the NL MVP, $1 million for his second MVP award and $1.5 million for his third or more. He would get $200,000 if he finishes second through fifth in the voting.
He gets $100,000 bonuses for making the All-Star team, finishing with the most votes among NL players, earning a postseason MVP or player of the year award from Sporting News or Baseball America, winning a Gold Glove, winning a Silver Slugger and earning a Hank Aaron award.
Wright would get $150,000 if he's the league championship series MVP and $250,000 if he's the World Series MVP.
He also has provisions for two awards that don't currently exist: $150,000 for division series MVP and $100,000 for Associated Press MVP or Player of the Year.
Wright will donate 1 percent of his base salary to the New York Mets Foundation, and the charities will be jointly chosen by him and the team.
Many details in Wright's contract were first reported by ESPN.com.