Patrick Mahomes, Chiefs agree to record contract extension exceeding $500M

Patrick Mahomes and the Kansas City Chiefs have agreed to a contract extension with an NFL record total value of $504.75 million, Mahomes’ agency Equity Sports announced Wednesday.

The agreement adds two years to Mahomes’ deal, according to multiple reports, putting him under contract with Kansas City through 2033. ESPN was the first to report the deal.

Mahomes signed a then-record 10-year, $450 million contract (with an additional $50 million available via incentives) in July 2020, putting him under contract through 2031. The Chiefs have restructured the deal multiple times to lower Mahomes’ cap hit, but this is the first time since then that new years or money have been added. Before this extension, Mahomes had slipped to 13th in average annual value among quarterbacks, per Over the Cap.

With the extension, Mahomes will be under contract for at least three years longer than any other quarterback. No other active QB is on a contract longer than six years, and the second-largest total value of a contract behind Mahomes’ new deal is $330 million (Josh Allen).

This story will be updated.