Mahomes to earn over $500M in restructured deal

Patrick Mahomes will earn over $500 million under a restructured contract, according to sources. The Kansas City Chiefs announced that they were extending Mahomes' contract by two years, tying him to the team through 2033 at a total value of $504.75 million. This makes it the first NFL deal ever valued at over half a billion dollars.

The final touches on the landmark agreement were completed by Equity Sports CEO Chris Cabott and Chiefs general manager Brett Veach along with his staff on Wednesday. The new money included in the deal is worth $239.05 million, with $504.75 million guaranteed through contract mechanisms, and the first four years guaranteed upon signing.

Beginning in 2027, the new agreement averages $64 million per year, setting a record for average annual value in the NFL. This contract marks the third time in six years that the Chiefs and Mahomes have reset the quarterback market, all three contracts being negotiated by Cabott and Veach. The Chiefs have now committed a total of $689.05 million in new money to Mahomes from 2022 to 2033, reflecting their strategy to maintain one of the most successful dynasties in NFL history.

Clark Hunt, chair and CEO of the Chiefs, praised Mahomes, stating, "Over the last decade, Patrick has become one of the most iconic, beloved sports figures of all time. 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."

On December 14, 2025, Mahomes sustained a season-ending torn ACL and LCL and underwent surgery the following day. Throughout the offseason, the Chiefs have remained optimistic that he will be ready to play in Week 1 against the Denver Broncos during "Monday Night Football."

Mahomes initially signed a four-year, $16.4 million rookie contract in 2017. The groundbreaking 10-year, $450 million deal he signed in 2020 had made headlines, and he has already earned over $200 million from that contract as the quarterback market continues to soar. With the latest adjustments, the Chiefs aim to bring Mahomes’ compensation more in line with the current quarterback market.