Chiefs Sign Patrick Mahomes To 10-Year Extension

In an offseason featuring little action on the extension front, the Chiefs broke through Monday with a monster deal. They have agreed to terms with Patrick Mahomes on a 10-year extension that will tie the quarterback to Kansas City through the 2031 season, Adam Schefter of ESPN.com reports (on Twitter). The Chiefs have announced the deal.

This marks the first NFL contract to go beyond the 2020s, and it stands to keep the 2018 MVP and Super Bowl LIV MVP in Kansas City through his age-36 season. Mahomes has only started two seasons, but the 2017 No. 10 overall pick has changed the trajectory of a franchise that for decades opted for veteran stopgaps at quarterback.

Mahomes’ extension will be worth a whopping $450MM, Schefter tweets, adding that $140MM is guaranteed. Both figures shatter NFL records. Mahomes’ $45MM-per-year price tag — a staggering $10MM increase on Russell Wilson‘s $35MM-AAV deal that previously resided as the NFL salary benchmark. As far as guarantees go, Mahomes’ bests the previous leader — Jared Goff‘s 2019 re-up — by $30MM.

This contract came together quickly. Mahomes and the Chiefs only began negotiating in late May. The superstar passer, whose rookie contract runs through 2021, became extension-eligible after the 2019 regular season’s conclusion.

The deal was rumored to contain a game-changing sweetener. Multiple sources believed the contract was set to tie Mahomes’ salaries to a percentage of the salary cap (Twitter links via Schefter and CBS Sports’ Jason La Canfora). While that would have made the pact historically player-friendly, Schefter reports that the Chiefs did not include such a provision in the contract. The Chiefs began negotiations against such an arrangement, per Schefter (on Twitter).

Still, star-caliber players have increasingly opted for shorter-term deals in order to maximize earning potential. Mahomes, 24, is zagging in a historic direction. This market-resetting deal will likely play a key role in how Dak Prescott and Deshaun Watson proceed in their respective extension negotiations.

The Chiefs traded up 17 spots for Mahomes three years ago and made the rare decision to sit him as a rookie. When Mahomes succeeded Alex Smith in his second season, the NFL landscape shifted. The Texas Tech product torched defenses throughout 2018, joining Peyton Manning and Tom Brady in the 50-touchdown pass club. After another strong season, Mahomes is 2-for-2 in AFC championship game appearances. While an offside call led to the Chiefs falling short of Super Bowl LIII, Mahomes orchestrated three come-from-behind playoff victories to give the Chiefs to their first championship in 50 years this past season.

In his two seasons as the Chiefs’ starter, Mahomes has 76 touchdown passes — eight more than any other quarterback through two seasons. Mahomes is also the only player to surpass 9,000 passing yards in his first two seasons as a starter, doing so despite missing two games last season with a knee injury.

Kansas City’s redefining re-up also arrives at a strange time. The NFL and NFLPA are in the process of negotiating a new financial reality. A season without fans in the stands threatens to reduce the 2021 salary cap, and if the league must borrow from projected future revenue to prevent such a scenario, it will have major financial ramifications. For Mahomes to agree to a deal under these circumstances says plenty about his desire to stay in western Missouri and the terms of said agreement. Mahomes is the first NFLer to be under contract for 12 years since fellow Andy Reid pupil Donovan McNabb signed his first Eagles extension in 2002 (h/t ESPN’s Field Yates).

Mahomes’ new deal will change the equation for the Chiefs, who have authorized a few high-priced contracts in recent years to take advantage of their quarterback’s rookie-deal window. The Chiefs have, however, checked off their biggest contract task of the offseason (and in franchise history). They now have nine days to finalize a deal with franchise-tagged defensive tackle Chris Jones. As of last week, the sides are not believed to be close on terms.

Photo courtesy of USA Today Sports Images.

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59 comments on “Chiefs Sign Patrick Mahomes To 10-Year Extension

  1. eli_b_wcl

    A 10 year extension sounds preposterous in almost any scenario… except one for possibly the greatest talent the league has ever seen. If anyone in history deserves 10 years, it’s this guy.

    • angt222

      I can see at least another SB win and two more MVPs during his next 10 seasons. Good for Pat.

    • Ming

      Your guess is preposterously low. $35M a year is already the market rate. Chiefs have to pay a premium to lock in that many future years of surplus value. I’ll say 10 years $450 million with $325 guaranteed.

      • DarkSide830

        $45 million a year is crazy i feel they wouldn’t have signed him yet unless it was a slight bargain

        • ChrisA

          No it’s not. In 5 years QBs are gonna be paid $50-60M. If you want to lock up the best QB in the game for 10 years it’s going to be spendy.

          I suspect he gets $35M the first year and it escalates up as a percentage of the cap. By the end of the deal he will be still up with the top QB salaries in the game.

          • FunkyTime

            Yeah, but that guarantee was way off. I don’t think any team could really afford to give a guy that much guaranteed money on such a long term deal. Too much risk due to the violent nature of the game.

            • Ming

              “Guarantee mechanisms”. NFL contract amounts are considered guaranteed for injury, for restrictive cap figures if released, for contractual decisions that are not likely to be exercised, etc. I will say confidently that the true 100% guaranteed amount without restrictions is much less.

    • bigjonliljon

      Until we know about the guaranteed money… doesn’t mean much I think.

  2. doug.daniel243

    *insert Alex Smith* Hey I had the starting job over him you know maybe I should get paid like that…

    • mcmillankmm

      Dumb comment…Smith already getting paid good $$$….and he had the job for 1 year to phase himself out and phase Mahomes in

      • parx

        Also he almost died from a football injury last season so he has most likely played his last game

  3. nats3256

    is he committedto this contract or will he sit out in 4 or 5 years when other QBs are making more them him?

    • warwhatisitgoodfor

      There has got to be some escalator or cap % triggers tied into this or it’s just dumb to sign for that long

  4. jawn

    Holy cow. Haven’t seen a decade-long NFL contract since McNabb’s 12 year deal in 2002.

  5. ron swanson

    It’s all about the guarantees. Going to be a record signing bonus that they can spread out over the 10 year period.

  6. Simmons>Russ

    I sounded how the money will look. Maybe 8 years guaranteed and it pays him how the franchise tag would. The averaged amount of the top 5 QBs. So for this season he would probably get something like 35 mil and that amount increases as the market for QBs increases.

    Otherwise maybe start at 33/35mil and increase by 1 Mil per season to about 43/45mil

  7. angels24

    Isn’t he 1 for 2 in AFC championship games (losing to the pats in 2018)?

    • I give no fox

      I believe they were referencing his appearance in said games. In his two years as a starter they have reached the afc champ game, 2-2.

    • heartbrokentexassportsfan

      Can only hope Daks number is so high they don’t sign him. Hope he plays under the tag this year and reevaluates next year. I’m a cowboys guy…the talents around him now, and if he can’t perform this year then he’s not the guy. Move on.

      • warwhatisitgoodfor

        Problem is if he performs better than expected, his number shoots up

      • Jimmy Johnson’s Ghost

        As a Cowboy Fan I couldn’t agree more. Prescott is out of excuses IMO. The talent has been there the last 4 seasons. If they couldn’t win with him on his rookie deal they aren’t winning with him making elite QB $. They couldn’t afford to retain Byron Jones this year because they had to pay Prescott and other dominos will fall going forward.

      • ChrisA

        Their problem is they have to sign Dak or they have to gut the team for draft picks and rebuild. You think the fans are on board with being terrible for 3-4 years so they can get another QB who might be as good as Dak? I’m no fan of Dak’s accuracy but they are married to him. They have no choice but to pay and Dak knows it.

  8. jeterleader

    pat will end up being the best player of all time after his career is over which will be in his 40’s. believe me, I know.

  9. mgrap84

    Im sorry but Dak definitely shouldn’t come close to Mahomes money. He hasn’t done anything near what Mahomes has. What scares me is if Lamar keeps getting better and takes us to a SB and wins, he is going to want something like that. Probably not 10 years because with his style of play might not have him make the whole 10 years but his annual amount will be high

    • phenomenalajs

      Lamar Jackson will do whatever he can to take advantage of his MVP year. I’m sure Cam is regretting that now.

    • Ak185

      Well, “worth” is better translated today as “timing”. Dak needs a new deal now, and Lamar will soon. As long as a quarterback is semi-competent, their agent is going to try to break the bank. At this point, the best we can hope for is to have a guy who doesn’t try to beat future QB contracts with his new demands, and instead only aspires to beat the bar for this year.

  10. RyanO

    This is wild. QBs in this cap era have rarely won on the highest avg salary. So I wonder if his deal is less avg but with this term (i.e. 10 yr 300 mil)

    But that would be stupid to sign that long through your prime, which makes me wonder if this is tied to salary cap like say 18% in which case I’m sure other teams would be furious.

  11. crosseyedlemon

    Two years from now Mahommes will be threatening to sit out the season if the Chiefs aren’t willing to renegotiate and give him a better deal.

  12. leprechaun

    Every single time I hear Patrick Mahomes name I want Ryan Pace fired immediately

  13. Appalachian_Outlaw

    Man, as a LV fan, hate seeing this guy in the division for another decade. He’s earning that money, though. Tough to argue against this being great for both parties.

  14. phenomenalajs

    By the end of his deal, other QBs will pass him in AAV, but now, no matter how great he is, their paying nearly one quarter of the cap (depending upon how his deal is structured) to 1/53rd (possibly 1/55th if 2 players are added) of the main roster. It’s hard to see how Chris Jones gets paid too. This reminds me of some fantasy bid leagues where you blow most of your cap on one superstar and have to get a lot of minimum cost players.

  15. angelsfan4life

    Welcome to the Broncos Kelce. Knowing Andy Reid he will keep Hill over Kelce.

    • Ak185

      Hill’s character concerns may have a say in that. If he gets into trouble (or at least the perception of trouble), I don’t think the Chiefs will be able to absorb it. The only reason his extension went through before was because he was not found responsible for his son’s injury, but the public and media perception of his involvement vastly harmed his reputation. Hill’s history ensures that he is on his last strike in an unsaid kind of way. His past controversy and the similar volatility of his girlfriend also suggest that something else may happen in the future. Whether or not that future occurrence is Hill’s fault won’t even matter, he’ll likely be gone. Even the smallest slip could undo his chances.

      For those reasons, and the presence of Mecole Hardman to assume some of the speed duties at a lower risk of public accountability, I would bet on Kelce (who is getting older) over Hill in terms of reliability. That doesn’t mean that I don’t see Kelce being replaced himself, especially in the next three years, it just means that I’m uncomfortable betting on Hill. Personally, Kelce seems much more replaceable to me, but despite his on-field antics and off-field bachelor’s shows, he is not a legal concern for a team.

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