The Kansas City Chiefs PAID Patrick Mahomes

Payday

The Kansas City Chiefs have reached an agreement with quarterback Patrick Mahomes on a 10-year contract extension that could top $500 million, per Adam Schefter of ESPN.

Mahomes, fresh off his first Super Bowl victory, will earn at least $477 million over the life of the deal, which should tie the 24-year-old to Missouri through his 36th birthday.

The Chiefs picked up Mahomes’ fifth-year option for the 2021 season in April, which ensured he would remain under contract for at least the next two seasons, during which he was set to make a total of $27.6 million—$2.8 million in 2020 and $24.8 million in 2021.

Now, Mahomes will receive upwards of $83 million in signing bonuses from 2021 to 2023 ($21.7 million in 2021, $27.4 million in 2022, $34 million-plus in 2023). Those first three years, with the new deal, have become fully guaranteed.

Between 2022 and 2032, the extension provides an annual $2.5 million incentive for every AFC Championship Game victory ($1.25 million) and NFL MVP award ($1.25 million) Mahomes might earn, totaling $25 million in possible incentives.

The extension also provides a $140 million injury guarantee and a no-trade clause.

Additionally, Mahomes will have an opt-out if certain “guaranteed mechanisms” are not exercised, a source told Schefter.

Earning the Deal

Kansas City traded up in the 2017 NFL Draft to select Mahomes with the tenth overall pick.

Mahomes spent his rookie season on the bench, watching then-quarterback Alex Smith lead the franchise to a 10-6 regular season record and crushing 22-21 loss to the Tennessee Titans in the Wild Card round of the Playoffs.

In his first season behind center, Mahomes took the league by storm, throwing for over 5,000 yards and tossing a league-leading 50 touchdown passes.

He capped off his first MVP season by leading the Chiefs to overtime in an AFC Championship showdown versus the New England Patriots—the Chiefs ultimately falling 36-31.

In an injury-plagued 2019, Mahomes still managed to take the Chiefs to the Super Bowl.

Mahomes completed 26-of-42 passes for 286 yards, two interceptions and a 78.6 passer rating—as he led the team on three touchdown drives (two passing, one rushing) to erase a ten-point fourth-quarter deficit against the San Francisco 49ers (31-20), delivering Kansas City its first Super Bowl title since 1969.

He became the youngest player to win Super Bowl MVP and joined Tom Brady (Super Bowl XLIX) and Terry Bradshaw (XIV) as the only players to win a Super Bowl MVP despite throwing multiple interceptions.

His victory also cemented Mahomes as the first quarterback to win the NFL MVP award and Super Bowl before the age of 25.

This historic contract will make Mahomes the highest-paid North American athlete—surpassing the deal of Los Angeles Angels Outfielder Mike Trout, whose contract totals approximately $426.5 million dollars over 12 years.

Mahomes is also the first NFL player to receive an extension over 10 years since Michael Vick (who signed a 10-year extension with the Falcons in 2004).

Front Office Fans

Chiefs general manager Brett Veach made this deal a priority and thanked Mahomes’ agents, Chris Cabott and Leigh Steinberg.

“His abilities are so rare, and to couple that with an incredible personality is outstanding,” Veach said of Mahomes. “We’re going to continue to do everything we can to surround him with talent, and this deal provides us more flexibility to do that. He is obviously an integral part to our success, and we’re thrilled he’s going to be the quarterback of the Kansas City Chiefs for a long time.”

“Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports,” Chiefs chairman Clark Hunt said in a statement on Monday. “With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform. He’s an extraordinary leader and a credit to the Kansas City community—and I’m delighted that he will be a member of the Chiefs for many years to come.”

Head Coach Andy Reid feels the best part is that Mahomes is still so early in his career.

“He’s a natural leader and always grinding, whether that’s on the field, in the weight room or watching film. He wants to be the best,” Reid said. “He’s a competitor, and his teammates feed off his energy. He makes us all better as an organization, and we are blessed he is going to be our quarterback for years to come.”

Measuring Up

Mahomes has thrown for 9,412 yards, 76 touchdowns and 18 interceptions in 31 regular-season games. In five playoff games, he has thrown for 1,474 yards, 13 touchdowns and just two interceptions.

The morning after signing this market-defining deal, Mahomes was back at work, determined to defend the Chiefs’ title for years to come.

“I knew from the moment I stepped on Arrowhead Stadium field,” Mahomes said, “that this was where I wanted to spend my entire career.”