On February 7, 1987, Dodger pitcher Orel Hershiser signed for $800,000, a twenty-percent pay-cut from the year before. It was the second time since the practice of arbitration has been implemented that a player was forced to take less. After winning the Cy Young Award and leading the team to a World Series championship in 1988, however, the Hershiser became the highest-paid player in the big leagues.

one of these years, i hope a player pulls a Stephon Marbury equivalent when it comes to their salary. Or there have been a few players who took a pay cut for their team, maybe Ripken?
I can’t find anything on Ripken, but I did find this on Bob Feller: http://www.cbssports.com/mlb/eye-on-baseball/21576891/on-this-date-in-1950-bob-feller-demanded-a-pay-cut.
And then there’s also this list: http://www.therichest.com/sports/athletes-who-took-major-pay-cuts-for-their-teams/?view=all
Thanks Precious, for the links. I met Mr. Feller at a baseball card show way back when. I musta been 13 or so and feeling rich with paper route money because I paid 15 bucks and had a photo of him signed. I think he was sort of broke. Probably from not having a pension.