The phrase "last payday" refers to the final time or last occasion when someone receives payment for their work before leaving a job or retiring. Full definition
Unfortunately I think he would be looking at another pay cut to stay and at his age, he might go out and look for one last payday with another team. (sbnation.com)
You should be thinking about your golden years right now, so you'll be ready for your last payday. (canadianbusiness.com)
Wallace is a 1 year fix, and then you need to find another deep threat who can make big plays, you can't sign him to a multi year deal because if age and if he turns in a good year he will cash in to the highest bidder for one last payday. (sbnation.com)