Patrick Mahomes and the Chiefs have once again collaborated on a historic contract extension.
Kansas City is adding two years to Mahomes’ reworked contract, with the new money being worth $239.05 million and the total value coming out to $504.75 million, NFL Network Insider Ian Rapoport and ESPN’s Adam Schefter reported Wednesday. The Chiefs announced the extension shortly after it was reported.
Schefter added that all $504.75 million becomes guaranteed through contract mechanisms, and that Mahomes can earn up to $522.25 million through incentives and escalators. The $64 million annual average value of the deal, beginning in 2027, is a new NFL record.
The years tacked on is a reworking of Mahomes’ previous extension with the Chiefs, a 10-year deal that he signed in 2020.
With the new money included, Mahomes’ average annual value will reach $64 million beginning in 2027, a $19 million-per-year raise that will push him past Cowboys quarterback Dak Prescott ($60 million per year) and set a new record for the highest average salary per year in NFL history.
“This is a huge day for the Chiefs, Patrick, and really all of Chiefs Kingdom,” general manager Brett Veach said, in part, in a statement. “This is a
landmark deal for a once-in-a-lifetime player. Patrick has grown into one of the most prolific quarterbacks to ever play the game, and to add to that, he’s changed the culture of our building and has led us in the most successful era in our franchise’s history. Beyond the game, he’s an incredible person who puts his team and winning above everything else.”
