Latest On Patrick Mahomes’ Record Extension

The Chiefs have their quarterback signed to an unprecedented contract, with the 10-year, $450MM deal — which could be worth up to $503MM — tying him to the team through the 2031 season. Mahomes is the only current NFLer signed beyond 2026. Here is the latest on the deal:

  • Although Patrick Mahomes‘ contract contains just $63MM fully guaranteed — fifth among quarterbacks, and more than $30MM behind Matt Ryan‘s record number — that number will bump up to $106MM by March, NFL.com’s Ian Rapoport tweets. By March 2022, that number spikes to $141MM. By March 2023, it rises to $180MM (Twitter links via ex-GM Mike Tannenbaum and veteran NFL reporter Jason Cole).
  • Beginning in 2022, Mahomes has incentives tied to MVPs and AFC titles. Although those are quite difficult to come by, the 24-year-old superstar already has two such accomplishments. Every Mahomes MVP or Super Bowl appearance will trigger a $1.25MM bonus, Adam Schefter of ESPN.com tweets. That totals $25MM and vaults the contract to the $503MM figure.
  • Mahomes’ camp gave in a bit on signing bonus money but secured massive roster bonus payouts, Jeremy Fowler of ESPN.com tweets. The “guarantee mechanisms” will generate roster bonuses north of $30MM from 2023-28. This structure peaks with a monster $49MM bonus payout in 2027, according to OverTheCap. As for cap hits, Mahomes’ numbers do not become gigantic until 2022. This year, Mahomes will count barely $5MM toward the Chiefs’ cap; in 2021, that number jumps to $24.8MM. After a $31MM hit in 2022, the quarterback will count at least $39MM toward Kansas City’s cap in the deal’s final nine seasons. This peaks with two $50MM-plus cap years in 2030-31, though the sides could naturally be expected to have a new deal in place by then.
  • Citing the shocking number of years Mahomes gave up to get to a $45MM-AAV number, Mike Florio of Pro Football Talk writes the quarterback would have done better by waiting and securing a shorter-term deal. “It’s like he had no leverage,” an NFL source indicated to Florio regarding Mahomes’ deal. Mahomes will have security amid an uncertain financial time for the NFL, which could see its projected growth fail to materialize for a while. But if Deshaun Watson and Lamar Jackson opt for extensions that allow them the chance to re-sign while still in their 20s, both can be expected to surpass Mahomes’ $45MM number midway through the Chief’s deal.
  • Watson and Jackson can be expected to top $40MM per year, Michael Lombardi of The Athletic writes (subscription required), adding that Dak Prescott‘s agent (Todd France) will argue his client should be paid $40MM annually. The Cowboys are not believed to have offered their franchise-tagged quarterback more than $33MM per year. The Texans, however, were linked to a $40MM-plus-AAV Watson deal before Mahomes signed.
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20 comments on “Latest On Patrick Mahomes’ Record Extension

  1. HubcapDiamondStarHalo

    “Citing the shocking number of years Mahomes gave up to get to a $45MM-AAV number, Mike Florio of Pro Football Talk writes the quarterback would have done better by waiting and securing a shorter-term deal.”

    Dude, he signed a contract that could be worth HALF A BILLION DOLLARS.

    • ignasis

      Well, this is where sports journalists just simply don’t get it.

      Teams can only be better for having more money to spend, the more money you give to a player the less you have for others. If you told me that we signed a player, I want the number to be as low as possible, if I’ve got the player I don’t care if he’s underpaid, from a competitive standpoint that suits me just fine.

      In perspective, they all earn far too much money to play a game, but, hey, it’s not their fault that sports is a huge industry and there is tons of money to go around, so I’m good with it.

      You’ll never see me crying that a player doesn’t earn 10% more though. I couldn’t care less.

    • cyyoung24

      He just signs the biggest contract on sports history, yet “it’s like he had no leverage”. Wtf are you talking about, Florio?

    • earmbrister

      Our dude, the contract could be worth $63 million. This contract favors the team not the player

      • Michael Chaney

        With some contracts (usually big free agent deals), it’s best to look just at the guaranteed money because you can assume the player will get cut before it ends.

        But with this deal, it’s misleading and ignorant to focus on the $63 million. Basically, all Mahomes has to do is not suck for a few years (which is very likely) and he’ll shatter that $63 million.

  2. phillyballers

    Don’t think Dak will be the QB next season. And Watson will be traded for conditional 5th or 6th and some monogram bath towels.

  3. Carson

    Haha Watson and Jackson expected to get 40+ mill a year and haven’t won anything

  4. emac22

    Of course he would get more later. We’re in the middle of a pandemic. No one gets the best possible deal in this environment.

    Money is also worth a lot more now.

    He also got paid for being the best QB in the game. Is anyone interested in betting Jackson will be a top 3 NFL QB in 5 years?

    Is anyone betting hundreds of millions of dollars?

  5. JJB0811

    It’s a HoF contract. Mahomes is certainly not quelling expectations. So KC said ‘set for life!’ Good for both parties.

  6. davidkaner

    Everyone knows that when QB’s sign record breaking deals, it will only take a year or two for the next QB signs a record breaking deal. He will make 63 million if he does nothing but show up and by 2027 he could have over 400 million banked. Add endorsements, he’s a billionaire by the time he’s 40. Jesus….

  7. mdunkel

    I will take $450 million and it can be a “ bad deal” anyway. Florio you have become a joke. When is enough, enough. He says things like that anymore to get people talking to make himself relevant.

  8. washington_bonercats

    When an NFL team makes you an offer that spans over a decade you sign the dotted line. I would ask Patty’s predecessor Alex Smith how much he would enjoy a contract of that length right about now. Mahomes got paid more than anyone IN ALL OF SPORTS and gave his team the wiggle room needed to maintain a championship roster. What could be better?

  9. bradthebluefish
    bradthebluefish

    $63 million for guaranteed dollars? That’s sad to see. This contract should’ve had the first 4-6 years guaranteed.

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