The Old Timers Baseball Classic will return to Washington for a fifth year, with the game set for June 23, 1986, at RFK Stadium. But the words "Cracker Jack" no longer will be part of the name, since Borden Inc. will no longer be the sponsor.

The game currently has no sponsor but it does have an organization that will manage it and seek out a corporate sponsor. Dick Cecil, who has directed the Classic since its inception and made the announcement yesterday, is part of a sports marketing company called Eagle Sports Group Ltd., which will manage the Old Timers Baseball Classic.

"This guarantees the game will continue," Cecil said of the new group. "We'll put together another sponsor group in due time. But we do appreciate everything Borden and Cracker Jack have done."

The chairman of the new organization will be Richard W. Kazmaier, the 1951 Heisman Trophy winner for Princeton who 10 years ago formed Kazmaier Associates Inc. . . .

The D.C. Baseball Commission has received 14,878 pledges for season tickets to a nonexistent team, according to City Councilman Frank Smith, who serves as commission chairman. This means that commitments for more than $8.4 million have been made. Major league owners will meet in San Diego next week and the issue of expansion is on the agenda . . .

The average salary of major league baseball players increased almost 20-fold over the last 19 years, according to figures compiled by the players union. In 1967, the average annual salary for players was $19,000. Last season, it reached $371,157. The list was compiled by the Major League Players Association.

The New York Yankees were the highest paid players last season. The Seattle Mariners were the lowest paid among the 26 major league teams.

The Baltimore Orioles made the biggest jump from 1984 to 1985, moving from 12th ($360,204) to Nov. 3 ($438,256) last season.