Patrick Mahomes’ contract with Chiefs could be worth more than $500 million
Kansas City Chiefs quarterback Patrick Mahomes is seemingly getting richer by the minute.
The Chiefs confirmed reports on Monday that they have signed Mahomes to a 10-year contract extension, which keeps him tied to the franchise through 2031 when you include the two years remaining on his rookie deal. It was initially reported that the deal is worth $450 million over 10 years, but apparently the total figure is even higher than that. Mahomes could make more than $500 million.
The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause
— Ian Rapoport (@RapSheet) July 6, 2020
It’s unclear what the “guarantee mechanisms” are that the Chiefs would have to exercise, so the contract could contain some complicated language. ESPN’s Adam Schefter reports that Mahomes has a $1.25 million incentive for winning the AFC Championship and a $1.25 million incentive for being named NFL MVP in each of the 10 years of the new deal.
Starting in 2022, and for 10 years running, Patrick Mahomes has a $1.25 million incentive for winning AFC Championship game and a $1.25 million incentive for winning NFL MVP, per source. That’s $25M of incentives over 10 years, taking value of his deal from $477M to $503M.
— Adam Schefter (@AdamSchefter) July 6, 2020
In any event, Mahomes is now the highest-paid player in NFL history and the first professional athlete to land a deal worth half-a-billion dollars.
Mahomes has already won an NFL MVP and Super Bowl MVP award, and he won’t turn 25 until September. It was a foregone conclusion that he would become the highest-paid player in the NFL, but very few people expected him to land a deal that could be worth more than $500 million. You can understand why at least one other star quarterback was unable to hide his excitement over the contract.