Patrick Mahomes is set to be the quarterback of the Kansas City Chiefs well into the next decade.
The Chiefs and the two-time MVP agreed to a restructured contract Wednesday that adds two years to his deal and pushes the total compensation past a half-billion dollars, a person familiar with the terms told The Associated Press. The person spoke on condition of anonymity because the Chiefs do not disclose financial terms of their contracts.
The Chiefs later posted a photo of Mahomes signing his extension on social media.
Mahomes signed a 10-year, $450 million contract in 2020 that set a benchmark not only for the quarterback position but for any football player. The latest extension ties the two-time MVP to the Chiefs through the 2033 season, when Mahomes will be 38, and it comes in at $504.75 million, with incentives and escalators that could push the value $522.25 million.
“Over the last decade, Patrick has become one of the most iconic, beloved sports figures of all time,” Chiefs chairman Clark Hunt said. “He has helped lead our franchise to five Super Bowl appearances and three championships, he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage, and on top of it all he has been an outstanding role model.
“Patrick is a generational talent and an elite human being and I’m so excited he will continue to lead our team into the future.”
The Chiefs and Mahomes regularly rework his contract in the offseason, giving the team the financial flexibility to surround him with enough talent to compete for championships. The latest deal, though, includes a massive pay increase after recent deals done for other quarterbacks — among them Dak Prescott, Jordan Love, Joe Burrow and Josh Allen — had reset the QB market.
Prescott’s four-year deal included a league-leading average of $60 million per year. Mahomes will now average $63.1 million.
“Patrick is a generational talent and an elite human being and I’m so excited he will continue to lead our team into the future.”
The Chiefs and Mahomes regularly rework his contract in the offseason, giving the team the financial flexibility to surround him with enough talent to compete for championships. The latest deal, though, includes a massive pay increase after recent deals done for other quarterbacks — among them Dak Prescott, Jordan Love, Joe Burrow and Josh Allen — had reset the QB market.
Prescott’s four-year deal included a league-leading average of $60 million per year. Mahomes will now average $63.1 million.
“I want to be out there with my guys,” Mahomes said recently, “but I know that’s still a long ways away, and so all I can do is execute the day and do whatever I can do to be better that day. We’ve done that up until now, and we’ve set these checkpoints and these goals of where I want to be at, and I’ve gotten to those. So now I just have to continue to do that at the right pace.”
Mahomes has been shattering records ever since the Chiefs made him their starter for the 2018 season. He has thrown for nearly 36,000 yards, earned six Pro Bowl nods and won three Super Bowl titles in five trips to the championship game.
The Chiefs had been to three straight Super Bowls before finishing a disappointing 6-11 last season. Mahomes was on injured reserve for the final three games, all of them losses, while the Chiefs turned their attention toward the coming season.
“As a competitor and as a football player, I want to be there,” Mahomes said. “I can’t predict the future. All I can do is be great today and then continue to be great tomorrow, but I’ve gotten to where I’ve gotten to because of that mindset and the goal at the end — the very far end — is to be ready and to be able to go out there and play with the guys Week 1.”
The Associated Press contributed to this report.