Kansas City Chiefs and Patrick Mahomes Restructure Contract, Making History with $210.6 Million Deal
By Adam Teicher, ESPN Staff Writer
Sep 18, 2023, 03:14 PM ET
The Kansas City Chiefs and star quarterback Patrick Mahomes have made NFL history with a groundbreaking contract restructuring. The new agreement guarantees Mahomes $210.6 million between 2023 and 2026, making it the most lucrative deal in NFL history over a four-season span. The quarterback’s agent confirmed the details to ESPN’s Adam Schefter on Monday.
Guaranteed Compensation and Future Plans
Under the restructured agreement, Mahomes will receive guaranteed compensation for the next four seasons. However, the Chiefs and Mahomes plan to revisit the contract after the 2026 season, according to Chris Cabott, CEO of Equity Sports, who negotiated the deal on behalf of Mahomes.
Mahomes’ Previous Record-Breaking Contract
In the summer of 2020, Mahomes became the highest-paid player in the NFL when he signed a 10-year extension worth $450 million. While no player has surpassed the total value of his contract since then, several quarterbacks have surpassed him in terms of average annual pay. This year alone, four quarterbacks, including Lamar Jackson, Jalen Hurts, Justin Herbert, and Joe Burrow, have earned more on an annual basis.
Joe Burrow’s Recent Record-Breaking Deal
The most recent quarterback to secure a record-breaking contract is Joe Burrow of the Cincinnati Bengals. Burrow signed a five-year, $275 million extension with $219.01 million guaranteed. This deal averages an impressive $55 million per season.
Mahomes’ New Salary and Ranking
Prior to the contract restructuring, Mahomes was ranked as the eighth-highest-paid player at his position. However, with the new deal, he will earn an average of $52.6 million over the next four seasons, aligning him with the recent quarterback contracts.
Determining Mahomes’ Worth
When asked about determining Mahomes’ worth, Chiefs chairman Clark Hunt stated, “I don’t know that there’s really a way to quantify it financially, and no matter what he makes over his career, one way or another, he’ll be underpaid.” This sentiment reflects the exceptional talent and impact that Mahomes has brought to the Chiefs organization.
Mahomes’ Achievements and Future
At just 28 years old, Mahomes has already achieved remarkable success in the NFL. He has been named NFL MVP twice and has led the Chiefs to two Super Bowl victories, earning the Super Bowl MVP title both times. Currently in his seventh season, Mahomes has proven himself as one of the league’s top quarterbacks.
Looking Ahead
With his contract now running through the 2031 season, Mahomes has secured his future with the Kansas City Chiefs. The restructuring of his agreement solidifies his status as one of the highest-paid players in the NFL and highlights the team’s commitment to building around their star quarterback.
In conclusion, the Kansas City Chiefs and Patrick Mahomes have made history with their contract restructuring. The $210.6 million deal over a four-season span sets a new benchmark in the NFL. As Mahomes continues to excel on the field, his contract reflects his exceptional talent and impact on the game. With his future secured, fans can look forward to witnessing more incredible performances from this superstar quarterback in the years to come.