The Colorado Rockies signed Mike Hampton to a 6 year $80 million contract. At the time, it was the highest contract in baseball history. Colorado was a location that pitchers did not do well. Hampton just finished two seasons where he won 22 and 15 games with ERAs of 2.90 and 3.14.
The Rockies hopes were quickly dashed and the experiment was an instant failure. Year 1: 14-13, he had a 5.41 ERA. Year 2 was worse. He was 7-15 with a 6.15 ERA.
The Rockies gave up and traded him to the Braves. He had two good years, winning 14 and 13 games with the Braves but was injured and missed much of the last two years of the contract.
The Rockies paid $20 million to Hampton. He won only 21 games and had an astronomical ERA in his two years in Denver. Over all 6 seasons he had only two decent seasons and four terrible years. The $80 million could have been spent much more responsibly. Remember, this was the highest contract in baseball history when signed.