KANSAS CITY, Mo. – In a groundbreaking move, the Kansas City Chiefs have reached an agreement to restructure quarterback Patrick Mahomes’ contract, extending it by two years and increasing the total value to over $500 million, according to a source familiar with the transaction who spoke to The Associated Press on Wednesday.
The specific financial details remain undisclosed, as is customary with the Chiefs’ contract negotiations. Mahomes originally signed a monumental 10-year, $450 million deal in 2020, which set a new standard not only for quarterbacks but for all NFL players. This latest extension ties Mahomes to the Chiefs through the 2033 season, when he will be 38 years old, with a total value of $504.75 million, and potential escalators that could bring it to $522.25 million.
Mahomes’ agency, Equity Sports, shared on social media that “the magic continues,” reflecting the excitement surrounding this significant contract adjustment.
This restructuring is not uncommon; the Chiefs and Mahomes frequently renegotiate his contract during the offseason. This practice allows the franchise to maintain the financial flexibility necessary to build a competitive team around him. The new deal comes on the heels of several lucrative contracts awarded to other quarterbacks, including Dak Prescott, Jordan Love, Joe Burrow, and Josh Allen, which have altered the landscape of quarterback salaries.
Notably, Prescott’s recent four-year deal featured a record-setting average of $60 million per year, while Mahomes’ average has now risen to $63.1 million annually.
Following a season-ending injury that required surgery last December, Mahomes has dedicated his offseason to rehabilitation in Kansas City. He has been actively participating in the Chiefs’ offseason program, which wraps up this week with a mandatory minicamp.
Chiefs head coach Andy Reid praised Mahomes’ commitment, stating, “I like what I’ve seen. He’s working hard. 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.”
Mahomes has consistently expressed his determination to be ready for the start of the upcoming season. The Chiefs are set to kick off their preseason against the Rams on August 15, with their regular-season opener scheduled for September 14 against the Denver Broncos at Arrowhead Stadium.
Reflecting on his recovery, Mahomes said, “I want to be out there with my guys, but I know that’s still a long ways away… I’ve gotten to those goals, so now I just have to continue to do that at the right pace.”
Since becoming the starter in 2018, Mahomes has shattered numerous records, amassing nearly 36,000 passing yards, earning six Pro Bowl selections, and leading the Chiefs to three Super Bowl victories in five appearances.
Despite a disappointing 6-11 record last season, where Mahomes was placed on injured reserve for the final three games, the team is optimistic about the upcoming season.
“As a competitor and as a football player, I want to be there,” Mahomes reiterated. “I can’t predict the future. All I can do is be great today and then continue to be great tomorrow…”
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