Kansas City Chiefs superstar Patrick Mahomes has signed the first ever NFL deal worth over half a billion dollars after reworking his contract with the team.
Mahomes and the Chiefs have agreed to restructured terms which add two years to his deal and push the total compensation past $500million, which will mark a league record.
The three-time Super Bowl-winning quarterback signed a 10-year, $450m contract in 2020 that set a benchmark not only for his position but for any football player. The latest extension ties him to the Chiefs through the 2033 season, when he will be 38.
It comes in at a staggering $504.75m, with incentives and escalators that could push the value to $522.25m.
‘The magic continues,’ Mahomes’ agency, Equity Sports, and its chief executive Chris Cabott wrote on social media Wednesday.
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.
Patrick Mahomes has signed the first ever NFL contract worth over half a billion dollars
The Chiefs quarterback, pictured with wife Brittany, restructured his deal in Kansas City
The latest deal, though, includes a massive pay increase after recent deals handed out to other quarterbacks – among them Dak Prescott, Jordan Love, Joe Burrow and Josh Allen – had reset the market.
Prescott’s four-year deal included a league-leading average of $60m per year. Mahomes will now average $63.1m.
Mahomes underwent season-ending surgery last December after tearing ligaments in his left knee in the waning minutes of a loss to the LA Chargers. He has spent the entire offseason rehabbing the injury in Kansas City, and has been on the field for the entirety of the Chiefs’ offseason program, which concludes Thursday with the final day of their mandatory three-day minicamp.
‘I like what I’ve seen. He’s working hard,’ Chiefs coach Andy Reid said earlier in offseason workouts. ‘This is good for him, I mean getting out there and throwing.
‘It’s good rehab as he continues to rehab, so he keeps the feel with the wide receivers. Or he’s doing partial practice – but it’s important that he keeps his timing up. He’s busting his tail to put himself in this position.’
Mahomes has insisted ever since his injury that his goal was to be ready for Week 1 of the coming season.
The Chiefs play their preseason opener against the Rams on August 15, but their regular-season opener is not until September 14, when they face the defending AFC West champion Denver Broncos in a marquee Monday night matchup at Arrowhead Stadium.
Mahomes has spent the entire offseason rehabbing after tearing knee ligaments in December
‘I want to be out there with my guys,’ Mahomes said recently, ‘but I know that’s still a long way 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.