Eagles

Patrick Mahomes and Chiefs Reportedly Agree to TEN YEAR Contract Extension

By Kevin Kinkead

Published: Jul 6th, 2020 · 4:20 PM EDT

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Big breaking NFL news this afternoon.

Adam Schefter:

Patrick Mahomes' 10-year extension with the Kansas City Chiefs is worth over $400 million in total, per league sources.

The more significant question is, How much over $400 million?

— Adam Schefter (@AdamSchefter) July 6, 2020

Yowzers! That’s $40 million per year, at the very least. Mahomes is 24 right now, and the Chiefs picked up his 5th year option in April, which means he was already under contract for the next two seasons at around $27 million total. This extension would keep him in Kansas City until 2031.

Of course the salary cap is going to continue to increase, so that’s really the key in evaluating the deal. And contracts only contain a portion of guaranteed money. $40 million per might not be a lot of towards the end of that deal, but right now it would make him the NFL’s highest-paid quarterback, beating out Russell Wilson’s $35,000,000 annual average.

Schefter also tweeted this earlier, before putting the $400,000 number on the deal:

“There are no official numbers on Patrick Mahomes‘ 10-year extension just yet, but multiple sources believe it ultimately will be tied to a percentage of the salary cap for each season. The higher the cap goes, the more Mahomes will make.”

That would make sense to scale a long-term deal in this fashion. Nobody can predict what the cap is gonna look like 6-8 years from now, let alone ten.

Congrats to Patrick Mahomes on getting PAID.

UPDATE:

Compensation update: Patrick Mahomes’ 10-year extension is worth $450 million, sources tell ESPN.

The injury guarantee is $140 million, per source.

The contract does not contain language that ties its value to a percentage of the salary cap.

Richest deal in sports’ history.

— Adam Schefter (@AdamSchefter) July 6, 2020