The Kansas City Chiefs and quarterback Patrick Mahomes have come to terms on a new contract which will add two years to his current deal, and shift money for salary cap purposes. The new pact will tie the QB to the Chiefs through the 2033 season, adding $239.05M in new money to his existing contract.
In total, his contract is now worth $504.75M, and will feature 4 years of guaranteed money at signing. If all of the escalators in his deal are reached, the pact could be worth up to $522.25M when all is said and done.
Mahomes’ new deal will officially kick in during the 2027 season, and will see him earn an average annual value of $64M per year.
“Over the last decade Patrick has become one of the most iconic, beloved sports figures of all time,” said Clark Hunt, the Chiefs’ chair and CEO. “He has helped lead our franchise to five Super Bowl appearances and three championships; he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage; and on top of it all he has been an outstanding role model in the community. Patrick is a generational talent and an elite human being, and I’m so excited he will continue to lead our team into the future.”
The new AAV on the deal once again resets the QB market, and represents the largest average annual value on a contract in NFL history. After completing his rookie contract, the 30 year old signed a groundbreaking 10 year, $450M extension in 2020. However, with the quarterback market continuing to shift, far less decorated signal callers were suddenly making as much or more than the 3x Super Bowl champion.
By adjusting Mahomes’ deal, the Chiefs are now poised to usher in what can be viewed as the “Kansas City 2.0” era as longtime stalwarts of their first dynasty begin phasing out. While future hall of famer Travis Kelce hasn’t officially announced any plans to retire, his days in the NFL are certainly shrinking. Add in the fact that seemingly every year another handful of members of the original dynasty seem to be carved off the roster for salary cap purposes (this year it was Trent McDuffie, Jawaan Taylor, and Jaylen Watson, prior to that it was L’Jarius Sneed, Willie Gay Jr., and Marquez Valdes-Scantling) and its safe to assume the club wants some stability under centre as they bring in a new supporting cast.
Mahomes career arc has been not unlike that of Tom Brady who rattled off 3x Super Bowl victories in short order between 2002-2005, but then had a virtually new team when he captured his next three with New England from 2015-2019. The Hunt family and GM Brett Veach may not be able to predict who will be on their roster 3-4 years from now, but by solidifying Mahomes as the QB, they’re betting on the fact that free agents will continue to look upon the Chiefs favourably.
For Mahomes, the deal puts the 2x MVP back atop the QB salary leaderboard, while also adding in some long term stability for him and his family. The 2x first team All-Pro underwent season ending ACL and LCL surgery on December 15th following an injury suffered against the Chargers. While both the team and player have been adamant that he’ll be good to go for Week 1 this fall, being on the wrong side of 30 and suffering the first major injury of your career can suddenly put things in perspective in terms of ones NFL shelf life.
Kansas City will open their preseason campaign against the Los Angeles Rams on August 15th, followed by dates against the Buccaneers and Seahawks. They’ll then kick things off officially against the Broncos on September 14th in their season opener.
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