The Chiefs on Thursday signed their first-round draft pick, quarterback Patrick Mahomes II.
A source with knowledge of the situation said the four-year rookie contract is worth $16.4 million, with a $10 million signing bonus and a fifth-year option.
Mahomes, who played collegiately at Texas Tech, is expected to back up incumbent Alex Smith as a rookie this season. Smith is playing out the final year of his contract, and the Chiefs aren’t expected to re-sign him for 2018.
The Chiefs traded up from the 27th pick in April’s NFL Draft to acquire Mahomes with the 10th overall selection. It had been 34 years since the Chiefs took a quarterback in the first round: Todd Blackledge in 1983.
To get Mahomes, the Chiefs traded their first-round pick (No. 27), one of their two third-round picks this year (No. 91 overall), and their 2018 first-round pick to the Buffalo Bills.
Smith is 41-20 as the Chiefs’ starter the last four years, and head coach Andy Reid has indicated he will be the starter in 2017, too. But the Chiefs could save $17 million by releasing Smith next year.
The strong-armed Mahomes had a 41-10 touchdown-to-interception ratio in 2016 but is considered a raw prospect who needs time and more coaching in order to be ready to start in the NFL.
“Right now Patrick isn’t absolutely ready to play — he’s got some work to do,” Reid said after the draft. “He’s going into a great room … he can learn from Alex. We have to be patient with him. Tremendous upside. Good person, intelligent with great skill.
“We think they’re both really good football players. We just thought we with what we do, Mahomes would fit in well.”
The Chiefs open camp next week, with rookies and quarterbacks reporting on Monday to Missouri Western State University in St. Joseph.
Shortly after the signing, Mahomes’ agent, Leigh Steinberg, tweeted a photo of the two of them smiling at a desk, the contract laid out in front of them. The pact means all Chiefs players enter camp signed and ready to play.
Mahomes is scheduled to sign autographs for fans at tonight’s T-Bones minor-league baseball game in Kansas City, Kan.