The postseason shares are funded by the "Player's Pool," which is made up of 60% of gross ticket revenue from the first three games of each division series, and the first 4 games of each LCS and World Series.
The player's pool is then allocated as follows: WS Winner (1 team) - 36% WS Loser (1 team) - 24% LCS Losers (2 teams) - 12% each Division Series Losers (4 teams) - 3% each Non-Wild Card Second Place Teams (4 teams) - 1% each
Source for much of this info: http://mlbplayers.mlb.com/pa/info/faq.jsp#playoff
Back when there were only 2 playoff teams, instead of LCS losers and Division Series losers getting the money, the pool was split to include second, third, fourth place, etc. -- such that the top half of the teams in the league got money and the bottom half didn't.
Such is the origin of the now-antiquated terms "first division" and "second division." Keith Hernandez is one of the few people who still uses the term, often referring to a bad team as a "second division ballclub."
Anyway, the distribution of money from the players' pool is a players-only vote, chaired by the team's union player rep. I believe the manager can be invited, at the player's discretion, to provide recommendations. Often the voting is based strictly on service time with the club that year. Players generally vote full, half, or quarter shares, and can also vote cash awards in lieu of a percentage share.
When player salaries were much lower, a "playoff share" was a big deal and a huge supplement to their income -- it could, for example, be the difference between needing to work an offseason job or not. In present-day times, a $9,000 playoff share is going to mean peanuts to players with a minimum salary of $400,000.
It *is* however going to be very significant to the trainers, clubhouse staff, etc. whose salaries are much lower. Their "playoff shares" still mean a lot.
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My recollection is that in 2004, the Red Sox players voted Nomar a three-quarters share.
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