Bonds holds the career (762) and season (73) home run records, breaking marks set by Hank Aaron (755) and Mark McGwire (70).
During a meeting Thursday with the Associated Press Sports Editors Selig said, "In life there's always got to be pragmatism."
"I think that anybody who understands the sport understand exactly why."
Bonds was convicted last week on a single count, with the jury finding he gave an evasive answer to a grand jury in 2003 when asked whether personal trainer Greg Anderson ever gave him anything that required an injection. Bonds' lawyers have asked for the verdict to be thrown out.