Deferred money, but still calculated in their payroll numbers.
This part is for MLB luxury tax and revenue sharing calculations. MLB calculates the total salary for each team each year. Deferred money makes that complicated, since it is money a player is earning in a given season but not being paid until some time in the future. Signing bonuses are similarly complicated, as they are being paid all the money up front (or at some agreed-upon date) but it is money that is earned over the course of the years covered by the contract.
Signing bonuses are easier, as they are just evenly split across the years regardless of when the payments are made. Scherzer got a $50M signing bonus on his 7-year deal. So the luxury tax implications of that are that $7.14M counts for each of the 7 years (50/7).
The deferred money is more complicated. The way they do it is the determine the net present value (NPV) of the money. Apologies if you already know this, but it is a basic economic term that answers the question of "how much is it worth to me today if I know someone is paying me tomorrow". A dollar tomorrow is not worth the same as a dollar today, it's worth less. MLB and MLBPA have agreed upon a discount rate to use when calculating the value, so that part is fixed (I believe it's around 4%). So you determine the current value of future payments by applying the discount rate any come up with 2020-dollar value of the future payments.
I don't know why this minutiae interests me so much, but it does. Same with salary cap rules in the NFL.