Kansas City Chiefs and Patrick Mahomes Agree to New Contract Extension

The Kansas City Chiefs and Patrick Mahomes have reached a new agreement on his contract. This restructured deal extends Mahomes’ contract by two years and raises his total earnings beyond half a billion dollars. A source familiar with the details confirmed this information to The Associated Press on Wednesday. ESPN and NFL Network also confirmed the details. The source spoke anonymously as the Chiefs typically do not reveal financial specifics of their contracts.

Originally, Mahomes signed a groundbreaking 10-year, $450 million contract in 2020. This deal set a high mark not just for quarterbacks but for all football players. The latest extension keeps the two-time MVP with the Chiefs through the 2033 season when Mahomes will turn 38. The total value of the contract is now $504.75 million, with bonuses and escalators that could increase this amount to $522.25 million.

“The magic continues,” Mahomes’ agency, Equity Sports, and its CEO, Chris Cabott, commented on social media.

The Chiefs frequently adjust Mahomes’ contract during the offseason to manage finances for building a competitive team. This latest deal considerably raises Mahomes’ pay, surpassing recent deals for quarterbacks like Dak Prescott, Jordan Love, Joe Burrow, and Josh Allen, which have shifted the quarterback market. Prescott’s four-year contract averages $60 million per year, whereas Mahomes will average $63.1 million annually.

Mahomes had knee surgery last December after injuring ligaments during a game against the Chargers. He has spent the offseason rehabilitating in Kansas City and participated fully in the Chiefs’ offseason program, ending with a mandatory mini-camp.

Chiefs coach Andy Reid noted during early workouts, I like what I’ve seen. He’s working hard. This is good for him, getting out there and throwing. It’s good rehab, so he keeps the feel with the wide receivers. He’s doing partial practice, but it’s important he maintains his timing. He’s working hard to be in this position.

Mahomes aims to be ready for the first week of the upcoming season. The Chiefs will play a preseason opener against the Rams on August 15, with the regular-season kickoff against Denver slated for September 14 at Arrowhead Stadium.

Mahomes expressed, I want to be out there with my guys, but I know that’s still a long ways away. All I can do is focus on each day, improve bit by bit. We’ve achieved that so far, setting checkpoints and reaching them. Now I keep up the right pace.

Since becoming the Chiefs’ starter in the 2018 season, Mahomes has thrown for nearly 36,000 yards, received six Pro Bowl selections, and won three Super Bowl titles across five championship appearances. After a remarkable streak of reaching three straight Super Bowls, the Chiefs finished last season with a 6-11 record. Mahomes was on injured reserve for the last three games, all defeats, as the Chiefs shifted their focus to the upcoming season.

Mahomes stated, As a competitor and football player, I want to be there. I can’t predict the future. All I can do is strive to be great today and continue tomorrow. I’ve reached my current level with that mindset, aiming to be ready by Week 1.