In my mind, if Bond's breaks the record, it is illegitimate. It is all but certain Bonds used performance-enhancing drugs for a 3-5 year period- a period that saw his statistics go through the roof at an age (35...believe me, things start breaking down at this ripe old age) when players are historically in a steep statistical decline. He gained 43 pounds from his early days in Pittsburgh and the list of evidences for performance enhancing drugs go on. If you haven't read the Sports Illustrated article on Bonds, you should. Even if only a fraction is true, it's enough to keep from acknowledging Bonds as the new home run king.
Here's my take on what should happen to Bonds and his legacy: On a personal level (the level he cares about so much) he should be stripped of his home runs from 1999 to now. I'm not suggesting his team should be punished, such a thing is impossible and impractical. I'm just suggesting Bonds not be rewarded for breaking a sacred record because he juiced. This might surprise you, but I think Bonds should still be in the Hall of Fame, provided he confess his guilt in this area he has denied for so long. Even taking away his last 250 home runs gives him 500 home runs. Additionally, before his juicing epoch, he was close to a .300 hitter with a hoard of RBI's and stolen bases. Before 1999 he was an 8-time all star. In the field Bonds is a 5-time golden glove outfielder before he became slow and muscle-bound. He has won silver slugger awards as well as the coveted MVP award before juicing. Barry Bonds was a tremendous player before he chose to take steroids and other performance-enhancing drugs. His only real career deficit is the lack of a World Series Championship (a true team accomplishment, something Barry doesn't care as much about). I think he is Hall of Fame worthy just based on his pre-steroid stats and accomplishments.
He has chosen to make a mockery of the game by denying his drug use. Clearly he knows how illegitimate his latest accomplishments are, what else causes him to lie about taking enhancers? I think he was motivated to roid up because of Mark McGwire's obvious usage, so he justifies it that way. Still though, as the son of Bobby Bonds and godson of the great Willie Mays, he must realize his name will be put in a revered place in baseball lore. He has to know he doesn't deserve that- not when his record-breaking numbers are artificial.
It's sad for sure. The league doesn't have power to do much about the past, but it does have a chance to guard it's legacy. This can be done by disallowing Bonds last 250 or so home runs. He deserves a place in history, just not the one he is about to obtain if considered the new home run king.
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