Patrick Mahomes Signs Restructured Contract with Kansas City Chiefs

The Kansas City Chiefs have reached an agreement with quarterback Patrick Mahomes on a new contract structure. This revised deal extends his agreement by two years and brings his total compensation to over $500 million, according to sources familiar with the deal who spoke with The Associated Press. Both ESPN and NFL Network have confirmed the contract details.

Mahomes originally signed a 10-year, $450 million contract in 2020, which set a record for the highest in football at the time. The latest extension secures the two-time MVP with the Chiefs until the 2033 season when Mahomes will be 38 years old. This deal is valued at $504.75 million, with the potential to reach $522.25 million through incentives.

Equity Sports and its CEO, Chris Cabott, commented on social media, “The magic continues,” following the announcement of the contract. The Chiefs and Mahomes regularly adjust his contract to allow the team financial flexibility to acquire necessary talent for championship contention. This new agreement significantly increases Mahomes’s pay in light of recent quarterback contracts that have impacted the market.

A recent four-year deal by Dak Prescott led the league with an annual average of $60 million. Now, Mahomes will average $63.1 million annually. Mahomes underwent season-ending surgery last December for a knee injury sustained in a game against the Chargers. Since then, he has focused on rehabilitation in Kansas City, participating in the Chiefs’ offseason program, which wraps up with a mandatory miniseries.

“I like what I’ve seen. He’s working hard,” said Andy Reid, Chiefs coach, during the offseason. “This is good for him, getting out there and throwing. It’s good rehab as he continues, so he keeps the feel with the wide receivers. It’s important that he keeps his timing up. He’s busting his tail to put himself in this position.”

Mahomes has consistently stated his goal is to be ready for Week 1 of the new season. He participated in a warmup session on December 7 in Kansas City.

The Chiefs will face the Rams in their preseason opener on August 15. Their regular-season opener will take place on September 14 against the Denver Broncos at Arrowhead Stadium.

“I want to be out there with my guys,” Mahomes mentioned recently. “But I know that’s still a long ways away. All I can do is execute the day and do whatever I can to be better that day. We’ve set checkpoints and goals, and I’ve reached those. I must maintain that pace.”

Since becoming the Chiefs’ starter in 2018, Mahomes has consistently set records, throwing for nearly 36,000 yards, earning six Pro Bowl selections, and winning three Super Bowl championships in five appearances.

The Chiefs had a 6-11 record last season and Mahomes was on injured reserve for the final three games, all resulting in losses.

“As a competitor and a football player, I want to be there,” Mahomes added. “I can’t predict the future. All I can do is be great today and then continue to be great tomorrow. The ultimate goal is to be ready and able to play with the guys in Week 1.”