Former NFL agent explains how COVID-19 pandemic may affect Patrick Mahomes’ extension
Joel Corry knows about the ins and outs of NFL contracts.
In his 16 years as an agent, Corry represented NFL players such as John Randle, Ronnie Lott and former Chiefs defensive back Patrick Surtain.
Corry now contributes to CBS Sports, and he took an in-depth look at potential scenarios for a contract extension for Chiefs quarterback Patrick Mahomes.
One of those involved NFL teams taking a financial hit this fall because of the coronavirus.
Yahoo Sports reported the NFL could lose as much as $5.5 billion if games are played in empty stadiums.
The potential lost revenue could come as the Chiefs and Mahomes are working on a new contract. Corry offered some advice to Mahomes’ agent.
“One challenge may be structuring Mahomes’ contract to account for the potential impact the COVID-19 pandemic could have on the 2021 salary cap if league revenues decrease because games are played in empty stadiums or in front of limited fans,” Corry wrote. “The Chiefs aren’t a proponent of the signing bonus/option bonus contract model but utilizing an option bonus in 2021 could be a way to make Mahomes’ 2021 cap figure more manageable in case of a flat or lower salary cap next year.
“My preference would be to sacrifice the potential of the $200 million contract for a three-year extension. Mahomes would be better positioned to take advantage of the anticipated financial growth in the salary cap because of the addition of a 17th regular season game and new media rights deals with a shorter term. Most of the current TV deals expire after the 2022 season and the 17th game most likely will be implemented at some point before the 2023 season.”
Corry notes Mahomes is scheduled to earn $2,794,905 this season and $24.837 million on a fifth-year option in 2021.
In addition to writing about how the coronavirus may affect Mahomes’ contract talks, Corry looked at franchise-tag implications, how quarterback contracts have changed in recent years and more. You can read the piece here.
