Patrick Mahomes has a restructured deal with Kansas City Chiefs. Here are the details
Quarterback Patrick Mahomes has a new deal with the Kansas City Chiefs.
Mahomes, a two-time Super Bowl champion and five-time Pro Bowler, agreed Monday to a restructured contract with the team, The Star has confirmed. ESPN’s Adam Schefter first reported the agreement Monday afternoon.
The new pact will pay Mahomes a guaranteed $210.6 million over the next four seasons, which represents the most guaranteed money in NFL history over that time frame.
Following other extensions for NFL QBs — including Baltimore’s Lamar Jackson, Cincinnati’s Joe Burrow and the Los Angeles Chargers’ Justin Herbert — Mahomes’ average annual contract value recently had dropped to eighth among players at his position.
This will change that, again making Mahomes one of the top-paid among his peers.
Schefter reported Monday that the Chiefs and Mahomes “plan to re-visit the agreement again after the 2026 season.”
Mahomes, who turned 28 on Sunday, signed a previous contract for 10 years for $450 million in July 2020. He spoke in May about how his goal was not necessarily to always be the highest-paid quarterback; instead, he said he hoped to be compensated well while also considering what was best for the team.
“I’ve always said I worry about legacy and winning rings more than making money at this moment,” Mahomes said on May 26. “But I know we keep communication (his agency and team). We see what’s going on around the league. But at the same time, I’ll never do anything that’s going to hurt us from keeping the great players around me. So it’s kind of teetering around that line.”
When asked about a potential new extension for Mahomes in April, Chiefs owner Clark Hunt admitted that coming up with a dollar value for what the QB means to KC would be challenging.
“I don’t know that there’s really a way to quantify it financially,” Hunt said on April 28. “And, no matter what he makes over his career, I’m sure one way or another he’ll be underpaid.”
Earlier in April, Chiefs general manager Brett Veach said the team had a special relationship with Mahomes and his agent, Chris Cabott, relaying that the Chiefs would always want to “make sure that we’re doing right by everybody” as it related to a potential new extension.
Veach said then it could be a good time to reassess Mahomes’ deal after Herbert and Burrow signed their expected extensions.
Herbert inked his five-year, $262.5 million contract in July, while Burrow followed by agreeing to a five-year, $275 extension on Sept. 7.
The Star’s Sam McDowell contributed to this report.
This story was originally published September 18, 2023 at 2:56 PM.
