Topps And Rights
No, a contract with a $1 retainer and a $125 use fee signed in 1962 is not going to still be in force today.
Among other things, what and who Topps can put in a set of its cards is part of the company's contract with the Players' Association. You may notice that guys who've never played a major league game do not appear in the Topps-brand regular set. Only a limited number of them can appear in other sets like Bowman and Heritage. And I do not know the specifics but there are minimums that must be paid to anybody - retired players included - depicted in an MLB uniform - and they're not $125 a throw.
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