Transactions News & Rumors

11:21pm: Hours after the announcement hit the waves, Mahomes has officially put pen to paper on his new deal. With the record-setting deal finalized, the three-time Super Bowl MVP is now under Chiefs control for eight more seasons.

3:34pm: Six summers ago, the Chiefs and Patrick Mahomes agreed on an unrivaled extension that ran into the 2030s. The superstar’s lengthy contract benefited the Chiefs, and other passers’ salaries began to dwarf his.

The Chiefs agreed to a reworked deal in fall 2023 but did not remove any years from the mammoth pact. The parties have now agreed to add more time on this deal, according to ESPN’s Adam Schefter and NFL.com’s Ian Rapoport. Kansas City will now have Mahomes signed through the 2033 season at $504.75MM. That is the total value of the new deal, which will add two seasons to Mahomes’ term.

That whopping number covers eight seasons in total, representing a seismic adjustment to the NFL’s longest-term contract. In terms of new money, Mahomes will receive $239.1MM, per Schefter and Rapoport. The first four years of the three-time Super Bowl MVP’s deal are guaranteed at signing, representing tremendous confidence the quarterback will return to his stratospheric heights after suffering ACL and LCL tears last December.

This does not mean the Chiefs are adding $239.1MM over the 2032 and ’33 seasons, as Pro Football Talk’s Mike Florio points out, but the team will give the all-time great a significant raise over the existing years of his deal. In exchange, Mahomes will give the Chiefs two more years of control.

The 2033 season would be Mahomes’ age-38 campaign. That $239MM number will mark a raise throughout the eight-year contract’s life, and it represents a record-setting AAV bump for the current game’s most accomplished quarterback.

The new guarantees probably represent the most notable component of this agreement. Aside from first- or early-second-round rookie contracts and the outlier Deshaun Watson deal, teams do not authorize four years of fully guaranteed money. The Chiefs are doing so, with Schefter and Rapoport adding guarantee mechanisms — which were used in the team’s initial Mahomes extension — are present to cover the 2030s part of this accord.

While plenty of details are yet to emerge, the eight-year package worth $504.75MM comes out to more than $63MM per year. We will wait to see how this is structured, but that blows past Dak Prescott‘s previous high-water mark — set in September 2024. The Cowboys have Prescott signed to a four-year, $240MM extension, one the QB secured thanks to historic leverage. Mahomes opted for a team-friendlier deal in 2020, and it helped the Chiefs retain Chris Jones on multiple extensions — to go with other roster-building advantages. The organization is rewarding the 10th-year quarterback, and it will be interesting to see how this contract breaks down in terms of cap hits.

When Mahomes agreed to his 10-year Kansas City extension (worth $450MM) in July 2020, Russell Wilson‘s $35MM-per-year Seahawks pact had resided atop the quarterback market. Mahomes’ accord raised the ceiling, but it did not take too long for the field to catch up with him. Watson topped the deal on a much more player-friendly package — the most player-friendly agreement in NFL history — while Aaron Rodgers became the first $50MM-AAV player days earlier in March 2022.

A host of QBs are now in the $50MM-per-year club, leading to the Chiefs infusing Mahomes’ contract with guarantees in September 2023, with Prescott hitting $60MM AAV. The $60MM-per-year club now houses two passers, and Lamar Jackson‘s camp will assuredly take note of Mahomes’ latest update.

Jackson carries favorable leverage compared to Mahomes, whose previous through-2031 arrangement gave the Chiefs flexibility — which they have continually used via restructures. The Chiefs have restructured Mahomes’ contract five times since its authorization; the latest change (in February) dropped his cap number to $34.65MM for 2026. That gave the Chiefs some breathing room, as they entered the offseason well over the cap.

The contract maxes out at $522.25MM, according to Schefter and Rapoport, with incentives and escalators present. This agreement comes more than a year after the Bills gave Josh Allen a monster adjustment by adding two more years to his lengthy contract. The only QB to remotely venture into Mahomes’ contractual territory — term length-wise — Allen signed a six-year Bills extension in 2021. After Allen’s 2024 MVP season, the team rewarded him with a six-year, $330MM contract that added two years to his previous pact. This Mahomes offering looks similar, but with four fully guaranteed years, the Kansas City icon fared better on that front.

It is debatable as to whether Allen has passed Mahomes in the QB pecking order exiting the 2025 season, and the Bills superstar is a year younger. But no debate exists as to the league’s most accomplished active QB.

The Chiefs had experienced a 50-year Super Bowl drought after their Super Bowl IV victory, which closed the sport’s AFL chapter, as the likes of Joe Montana, Trent Green and Alex Smith — among others in a QB carousel that formed a San Francisco-to-Kansas City pipeline — were unable to lift the franchise back to the game’s ultimate stage. Mahomes did, and he has played in five Super Bowls and seven AFC championship games through eight seasons as a starter.

Mahomes delivered his best statistical season in 2018, throwing 50 touchdown passes and reaching 5,097 passing yards in his first year succeeding Smith. A porous Chiefs defense could not stop Tom Brady and Co. in the AFC championship game, but Kansas City’s seminal Steve Spagnuolo hire soon after allowed Mahomes to have near-Brady-like defensive protection en route to forming the NFL’s only post-Patriots dynasty. The Chiefs won Super Bowls LIV, LVII and LVIII over the next five seasons, with Mahomes earning MVP honors in each game. Also receiving regular-season MVP acclaim in 2022, Mahomes created distance between himself and the field by that point.

Since then, the Chiefs have not rivaled their early Mahomes years on offense. The team ranked 15th in scoring in 2023 and ’24, with the Tyreek Hill trade — and a few misses at wide receiver — limiting the once-explosive attack. Travis Kelce moving into his mid-30s did not help matters, and Spagnuolo’s defense — a top-10 unit in six of the decorated DC’s seven seasons in K.C. — became an underrated component of this dynasty.

The Chiefs lost Mahomes to a season-ending knee injury in Week 15 last year, but the team was on the verge of elimination with the future first-ballot Hall of Famer at the wheel. Mahomes went 6-8 as a starter last season, as the Chiefs’ close-game mojo faded. The team ranked 21st in scoring offense, with the post-Mahomes period contributing to that placement. Wednesday’s commitment certainly shows no signs the franchise is concerned about its passer’s long-term viability.

Andy Reid, the Chiefs dynasty’s other pillar, has continually fended off retirement rumors. The NFL’s fourth-winningest all-time coach is heading into his 14th season in charge of the AFC West team. The Broncos toppled Reid’s bunch last season, going 14-3, while the Chargers swept the Chiefs with Mahomes starting both games. Reid, 68, will attempt to become the oldest HC to win a Super Bowl; Bruce Arians, 66 when his Buccaneers thrashed the Chiefs in Super Bowl LV, currently holds that record.

Mahomes, who had missed only two games due to injury prior to his knee setback, did some work at Chiefs OTAs and is targeting a Week 1 return. The Chiefs acquired Justin Fields via trade, bringing in some insurance in the event the longtime starter is not ready. Mahomes has beat rumored injury recovery timetables in the past, most notably playing on a high ankle sprain in the 2022 playoffs, and comparable recoveries from ACL tears have commenced.

Seeing favorable AFC West draws in the years after Peyton Manning‘s retirement, the Chiefs now enter a season — for the first time in ages — in which they are not the surefire favorites to win the division. Kelce is entering an age-37 season, while Chris Jones is now 32. The team’s questions at wide receiver persist, with No. 1 target Rashee Rice currently in jail — while rehabbing from knee surgery — due to violating his probation. The Chiefs added Super Bowl LX MVP Kenneth Walker in free agency and made three top-40 picks in this year’s draft, using a 6-11 2025 record to their advantage.

The team will hope its cornerstone player will be back in Week 1. But for the long haul — which will feature the Chiefs moving across the Kansas state line into a new stadium in 2031 — no doubt exists about internal confidence in Mahomes, who remains the NFL’s only player signed beyond the 2030 season.